EURUSD Movement
For the 24 hours to 23:00 GMT, the EUR rose 0.17% against the USD and closed at 1.1315.
Data indicated that Germany’s Ifo business climate index unexpectedly advanced to a level of 99.6 in March, marking its first rise since August 2018 and defying market expectations for an unchanged reading. The index had recorded a revised reading of 98.7 in the prior month. Moreover, the nation’s Ifo business expectations index rose to a level of 95.6 in March, surpassing market expectations for an advance to a level of 94.0. The index had registered a reading of 93.8 in the previous month. Also, the Ifo current assessment index unexpectedly climbed to a level of 103.8 in March, confounding market expectations for a decline to a level of 102.9. The index had registered a revised level of 103.6 in the preceding month.
In the US, data showed that the US Chicago Fed national activity index eased to a level of -0.29 in February, less than market consensus for a fall to a level of -0.38. In the prior month, the index had recorded a revised reading of -0.25. Additionally, the nation’s Dallas Fed manufacturing business index dropped to a level of 8.3 in March, compared to market anticipations for a fall to a level of 9.0. In the preceding month, the index had registered a reading of 13.1.
In the Asian session, at GMT0400, the pair is trading at 1.1316, with the EUR trading a tad higher against the USD from yesterday’s close.
The pair is expected to find support at 1.1297, and a fall through could take it to the next support level of 1.1278. The pair is expected to find its first resistance at 1.1333, and a rise through could take it to the next resistance level of 1.1350.
Moving forward, traders would await Germany’s GfK consumer confidence index for April, set to release in a while. Later in the day, the US housing starts and building permits, both for February along with the Richmond Fed manufacturing index and the consumer confidence index, both for March, will keep investors on their toes. Additionally, the US house price index for January, will also be on investors radar.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
