EURUSD Movement
For the 24 hours to 23:00 GMT, the EUR rose 0.29% against the USD and closed at 1.1265.
In economic news, Germany’s seasonally adjusted industrial production unexpectedly fell 0.8% on a monthly in January, amid decline in automobile output and defying market expectations for a gain of 0.5%. In preceding month, industrial production had recorded a revised rise of 0.8%. Moreover, the nation’s seasonally adjusted trade surplus unexpectedly narrowed to €18.5 billion in January, compared to a revised surplus of €19.9 billion in the prior month. Market participants had expected the trade surplus to widen to €121.0 billion.
In the US, data showed that the US advance retail sales unexpectedly climbed 0.2% on a monthly basis in January, defying market consensus for a steady reading. In the previous month, advance retail sales had registered a revised fall of 1.6%. Furthermore, the nation’s business inventories advanced 0.6% on a monthly basis in December, in line with market expectations. In the preceding month, business inventories had recorded a revised flat reading.
In the Asian session, at GMT0400, the pair is trading at 1.1261, with the EUR trading a tad lower against the USD from yesterday’s close.
The pair is expected to find support at 1.1231, and a fall through could take it to the next support level of 1.1200. The pair is expected to find its first resistance at 1.1283, and a rise through could take it to the next resistance level of 1.1304.
Amid lack of macroeconomic releases in the Euro-zone today, traders would keep a close watch on the US NFIB small business optimism index and the consumer price index, both for February, set to release later in the day.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
