EURUSD Movement
For the 24 hours to 23:00 GMT, the EUR rose marginally against the USD and closed at 1.1108.
In economic news, Eurozone employment rose by 0.3% QoQ in 4Q 2015, the same rate of growth as seen in the previous quarter.
In the US, advance retail sales fell less-than-anticipated by 0.1% MoM in February, compared to investor expectations for it to drop 0.2% and after declining by a revised 0.4% in the previous month, indicating that consumers remain cautious about spending amid continued financial market volatility. Further, the NAHB housing market index remained steady at a reading of 58.0 in March, compared to market expectations for an advance to a level of 59.0.
In the Asian session, at GMT0400, the pair is trading at 1.1101, with the EUR trading 0.06% lower from yesterday’s close.
The pair is expected to find support at 1.1073, and a fall through could take it to the next support level of 1.1045. The pair is expected to find its first resistance at 1.1127, and a rise through could take it to the next resistance level of 1.1154.
Moving ahead, investors will look forward to the Euro-zone construction output data for January, scheduled to release in a few hours. Additionally, the US Fed interest rate decision, along with the nation’s consumer price inflation data for February, will attract a lot of market attention.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.