EURUSD Movement
For the 24 hours to 23:00 GMT, the EUR rose 0.25% against the USD and closed at 1.0880.
Data showed Germany’s gross domestic product remained flat on a quarterly basis in 4Q19, confirming the preliminary print and compared to a rise of 0.2% in the previous quarter.
In the US, the housing price index advanced 0.6% on a monthly basis in December, more than market expectations for a rise of 0.3% and compared to a revised rise of 0.3% in the prior month. On the other hand, the CB consumer confidence index rose to a level of 130.7 in February, less than market forecast and compared to a revised reading of 130.4 in the prior month. Additionally, the Richmond Fed manufacturing index dropped to a level of -2.0 in February, more than market consensus for a decline to a level of 13.0. In the previous month, the index had registered a reading of 20.0.
In the Asian session, at GMT0400, the pair is trading at 1.0867, with the EUR trading 0.12% lower against the USD from yesterday’s close.
The pair is expected to find support at 1.0835, and a fall through could take it to the next support level of 1.0802. The pair is expected to find its first resistance at 1.0895, and a rise through could take it to the next resistance level of 1.0922.
With no major macroeconomic releases in the Euro-zone today, investors would focus on the US new homes sales data for January along with the MBA mortgage applications, set to release later in the day.
The currency pair is showing convergence with its 20 Hr moving average and trading above its 50 Hr moving average.
