EURUSD Movement
For the 24 hours to 23:00 GMT, the EUR rose 0.09% against the USD and closed at 1.1230 on Friday.
On the macro front, Germany’s seasonally adjusted trade surplus widened to €22.7 billion in March, compared to a surplus of €17.9 billion in the previous month. Market participants had envisaged the surplus to advance to €18.2 billion.
The US dollar declined against major currencies, amid weaker-than-expected inflation data.
In the US, data indicated that the consumer price index (CPI) climbed 2.0% on a yearly basis in April, undershooting market expectations for a rise of 2.1%. In the prior month, the CPI had recorded a gain of 1.9%. Additionally, the nation’s budget surplus narrowed to $160.30 billion in April. The US had registered a surplus of $214.30 billion last year.
In the Asian session, at GMT0300, the pair is trading at 1.1233, with the EUR trading a tad higher against the USD from Friday’s close.
The pair is expected to find support at 1.1216, and a fall through could take it to the next support level of 1.1199. The pair is expected to find its first resistance at 1.1252, and a rise through could take it to the next resistance level of 1.1271.
Amid lack of macroeconomic releases in the Euro-zone today, traders would focus on global macroeconomic releases for further cues.
The currency pair is showing convergence with its 20 Hr moving average and trading above its 50 Hr moving average.
