EURUSD Movement
For the 24 hours to 23:00 GMT, the EUR rose 0.27% against the USD and closed at 1.0853.
On the data front, Germany’s Ifo business expectations index unexpectedly rose to a level of 93.4 in February, compared to a reading of 92.9 in the prior month. Additionally, the Ifo business climate index unexpectedly advanced to a level of 96.1 in February, compared to a revised level of 96.0 in the previous month. Moreover, the Ifo current assessment index dropped to 98.9 in February, less than market anticipations and compared to a revised level of 99.2 in the previous month.
In the US, the Chicago Fed National Activity Index unexpectedly climbed to -0.25 in January, compared to a revised level of -0.51 in the previous month. Also, the Dallas Fed manufacturing business index rose to 1.20 in February, compared to a level of -0.20 in the previous month.
In the Asian session, at GMT0400, the pair is trading at 1.0862, with the EUR trading 0.08% higher against the USD from yesterday’s close.
The pair is expected to find support at 1.0821, and a fall through could take it to the next support level of 1.0779. The pair is expected to find its first resistance at 1.0888, and a rise through could take it to the next resistance level of 1.0913.
In absence of key macroeconomic releases in the Euro-zone today, investors would direct their attention to Germany’s gross domestic product for 4Q19, slated to release in a few hours. Moreover, the US housing price index for December and the Richmond Fed manufacturing index for February, due later today, will also be eyed by traders.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
