By GCI Forex Research
EURUSD MovementFor the 24 hours to 23:00GMT, EUR rose 0.66% against the USD and closed at 1.4013.
In the EU, construction output rose by 1.8% (M-o-M) in January following a 2.0% decline in December. In the US, consumer price index (CPI) rose to 0.5% (M-o-M) following a 0.4% increase in January. Additionally, the Philly Fed index rose to 43.4 in March, following a score of 35.9 posted in February.
In the Asian session, at 4:00GMT, the EURUSD is trading at 1.4070, 0.41% higher from the levels yesterday at 23:00GMT.
The pair has its first short term resistance at 1.4135, followed by the next resistance at 1.4201. The first support is at 1.3957, with the subsequent support at 1.3845.
With a series of EU economic releases today, including current account and trade balance, trading in the pair is expected to be influenced by the resulting cues from these releases.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
Forex Daily Market Commentary provided by GCI Financial Ltd.
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