EURUSD Movement
For the 24 hours to 23:00 GMT, EUR rose 0.46% against the USD and closed at 1.4322. The greenback came under pressure, as a largely disappointing batch of US economic data weighed on investor sentiment.
In the US, the economic activity declined by 0.3% (M-o-M) in April, following a 0.7% increase in March. Additionally, the Federal Reserve Bank of Philadelphia reported that its general economic index unexpectedly fell to a reading of 3.9 in May, the weakest reading since October 2010 and compared to a reading of 18.5 recorded in the previous month. Meanwhile, the existing home sales reached 5.05 million in comparison with March’s revised number of 5.09 million in the previous month.
In the Asian session, at 3:00GMT, the EURUSD is trading at 1.4313, 0.06% lower from the levels yesterday at 23:00GMT.
The pair has its first short term resistance at 1.4366, followed by the next resistance at 1.4419. The first support is at 1.4232, with the subsequent support at 1.4151.
Trading trends in the pair today are expected to be determined by data release on current account and consumer confidence in the Euro zone.
The currency pair is trading just above its 20 Hr and 50 Hr moving averages.
