EURUSD Movement
For the 24 hours to 23:00 GMT on Friday, EUR rose marginally against the USD and closed at 1.3359, as investor risk appetite improved amid upbeat US economic data.
In the US, empire state manufacturing activity to a reading of 10.0 in February, from a reading of -7.8 in January, while preliminary reading of the consumer sentiment index stood at a reading 76.3 in February, compared to a final reading of 73.8 in January. However, the Federal Reserve reported that, industrial production fell 0.1% in January, following an upwardly revised 0.4% increase in December.
Moreover, the Federal Reserve Chairman, Ben Bernanke, indicated that the US economy is far from operating at full strength and reiterated his commitment to record easing. At G20 meeting held in Moscow he indicated that, that despite unemployment at almost 8%, the US economy was improving.
However, gains in the Euro were limited as data released earlier indicated that the Euro-zone?s trade surplus narrowed to ?11.7 billion in December, from a revised ?13.0 billion surplus recorded in the previous month. Market had expected the surplus to widen marginally to ?13.1 billion. Also, Italy?s trade surplus narrowed to ?2.16 billion in December, from ?2.36 billion surplus in November.
In the Asian session, at GMT0400, the pair is trading at 1.3331, with the EUR trading 0.21% lower from Friday?s close.
The pair is expected to find support at 1.3293, and a fall through could take it to the next support level of 1.3256. The pair is expected to find its first resistance at 1.3381, and a rise through could take it to the next resistance level of 1.3432.
Investors eagerly look forward to ECB President Mario Draghi?s speech scheduled later today.
The currency pair is trading just below its 20 Hr and 50 Hr moving averages.
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