EURUSD Movement
For the 24 hours to 23:00 GMT, the EUR declined 0.07% against the USD and closed at 1.0854.
On the macro front, Euro-zone’s ZEW economic sentiment index climbed to 25.2 in April, compared to a level of -49.5 in the prior month. Separately, Germany’s ZEW current situation index plunged to -91.5 in April, marking its lowest level since May 2009 and compared to a reading of -43.1 in the previous month. Meanwhile, the ZEW economic sentiment advanced to 28.2 in April, as covid-19 concerns eased and recording its highest level since July 2015. In the previous month, the index had recorded a level of -49.5 in the earlier month.
In the US, existing home sales dropped by 8.5% to an annual rate of 5.3 million in March, more than market forecast and compared to a revised reading of 5.8 million in the previous month.
In the Asian session, at GMT0300, the pair is trading at 1.0853, with the EUR trading marginally lower against the USD from yesterday’s close.
The pair is expected to find support at 1.0820, and a fall through could take it to the next support level of 1.0787. The pair is expected to find its first resistance at 1.0883, and a rise through could take it to the next resistance level of 1.0913.
Moving ahead, traders would keep a watch on Euro-zone’s consumer confidence for April, slated to release later today. Later in the day, the US housing price index for February along with the MBA mortgage applications, would keep investors on their toes.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
