EURUSD Movement
For the 24 hours to 23:00 GMT, the EUR slightly declined against the USD and closed at 1.1196 on Friday.
On the economic front, Germany’s seasonally adjusted trade surplus narrowed more-than-expected to a level of €18.1 billion in April, as growth in imports outpaced that of exports. The nation had posted a revised surplus of €25.3 billion in the prior month, while markets anticipated it to narrow to a level of €23.0 billion.
In the US, data revealed that the seasonally adjusted final wholesale inventories dropped more-than-expected by 0.5% on a monthly basis in April, while the preliminary print had indicated a fall of 0.3%. In the previous month, the wholesale inventories had climbed 0.2%.
In the Asian session, at GMT0300, the pair is trading at 1.1208, with the EUR trading 0.11% higher against the USD from Friday’s close.
The pair is expected to find support at 1.1177, and a fall through could take it to the next support level of 1.1147. The pair is expected to find its first resistance at 1.1227, and a rise through could take it to the next resistance level of 1.1247.
With no major economic releases in the Euro-zone today, investors will look forward to the US monthly budget statement for May, slated to release later in the day.
The currency pair is trading above its 20 Hr moving average and showing convergence with its 50 Hr moving average.
