EURUSD Movement
For the 24 hours to 23:00 GMT, the EUR declined 0.32% against the USD and closed at 1.0585, amid increased likelihood of a victory by anti-EU leader, Marine Le Pen in French Presidential election, after former French Prime Minister, Alain Juppe, ruled himself out of the race.
In economic news, the Euro-zone’s Sentix investor confidence index jumped to a level of 20.7 in March, surging to its highest level in almost ten years, compared to a reading of 17.4 in the prior month. Meanwhile, markets expected the index to climb to a level of 18.5.
Separately, in Germany, the Markit construction PMI advanced to a level of 54.1 in February, after recording a level of 52.0 in the preceding month.
The US Dollar gained ground against a basket of major currencies, as investors continued to grow optimistic that the Federal Reserve will raise interest rates this month.
On the macro front, the final durable goods orders in US rose more-than-expected by 2.0% in January, after recording a gain of 1.8% in the preliminary print and compared to a revised drop of 0.8% in the previous month. Also, the nation’s factory orders climbed 1.2% in January, rising for a second straight month and surpassing investor consensus for an advance of 1.0%. In the prior month, factory orders had advanced 1.3%.
In the Asian session, at GMT0400, the pair is trading at 1.0589, with the EUR trading marginally higher against the USD from yesterday’s close.
The pair is expected to find support at 1.0560, and a fall through could take it to the next support level of 1.0531. The pair is expected to find its first resistance at 1.0629, and a rise through could take it to the next resistance level of 1.0669.
Trading trends in the Euro today are expected to be determined by the release of the Euro-zone’s 4Q GDP and Germany’s factory orders data for January, slated to release in a few hours. Moreover, the US trade balance figures, will be on investor’s radar.
The currency pair is showing convergence with its 20 Hr moving average and trading above its 50 Hr moving average.
