For the 24 hours to 23:00 GMT, the EUR marginally declined against the USD and closed at 1.1231.
In the Asian session, at GMT0300, the pair is trading at 1.1233, with the EUR trading slightly higher against the USD from yesterday’s close.
The pair is expected to find support at 1.1214, and a fall through could take it to the next support level of 1.1196. The pair is expected to find its first resistance at 1.1257, and a rise through could take it to the next resistance level of 1.1282.
Going forward, traders would await Euro-zone’s industrial production for March and the ZEW economic sentiment index for May along with Germany’s consumer price index for April and ZEW survey indices for May, slated to release in a few hours. Later in the day the US NFIB small business optimism for April, will garner significant amount of investors’ attention.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
