EURUSD Movement
For the 24 hours to 23:00 GMT, the EUR declined 0.25% against the USD and closed at 1.1767 on Friday.
On the macro front, data showed that Germany’s seasonally adjusted trade surplus narrowed more-than-anticipated to €19.4 billion in April, compared to a revised surplus of €21.6 billion in the previous month, while investors had envisaged for the nation’s trade surplus to narrow to €21.0 billion. Moreover, the nation’s seasonally adjusted industrial production unexpectedly fell by 1.0% on a monthly basis in April, signalling a slowdown in the Europe’s largest economy and compared to a revised gain of 1.7% in the prior month. Market participants had expected industrial production to rise 0.3%.
In the Asian session, at GMT0300, the pair is trading at 1.1795, with the EUR trading 0.24% higher against the USD from Friday’s close.
The pair is expected to find support at 1.1745, and a fall through could take it to the next support level of 1.1694. The pair is expected to find its first resistance at 1.1828, and a rise through could take it to the next resistance level of 1.186.
Amid no major economic releases in the US and Euro-zone today, investor sentiment would be determined by global macroeconomic factors.
The currency pair is trading above its 20 Hr moving average and showing convergence with its 50 Hr moving average.
