EURUSD Movement
For the 24 hours to 23:00 GMT, the EUR slightly declined against the USD and closed at 1.0862.
On the macro front, Euro-zone’s seasonally adjusted current account trade surplus widened to €40.2 billion in February, driven by a rise in visible trade surplus and compared to a revised surplus of €31.8 billion in the prior month. Additionally, the nation’s seasonally adjusted trade surplus widened to €25.8 billion in February, amid rise in exports and compared to a revised surplus of €18.2 billion in the previous month. Separately, Germany’s producer price index dropped 0.8% on a yearly basis in March, in line with expectations and compared to a fall of 0.1% in the earlier month.
In the US, the Chicago Fed National Activity Index fell to -4.19 in March, compared to a revised reading of 0.06 in the previous month.
In the Asian session, at GMT0300, the pair is trading at 1.0831, with the EUR trading 0.29% lower against the USD from yesterday’s close.
The pair is expected to find support at 1.0806, and a fall through could take it to the next support level of 1.0780. The pair is expected to find its first resistance at 1.0877, and a rise through could take it to the next resistance level of 1.0922.
Looking forward, trader would keep a watch on Euro-zone’s ZEW economic sentiment index for April along with Germany’s ZEW survey indices for April, slated to release in a few hours. Later in the day, the US existing homes sales for March, would keep investors on their toes.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
