Euro Trading On A Stronger Footing This Morning

Euro Trading On A Stronger Footing This Morning

For the 24 hours to 23:00 GMT, the EUR rose 0.20% against the USD and closed at 1.2354 on Friday.

The US Dollar plummeted against a basket of major currencies on Friday, as fears over the impact of a trade war on global economic growth continued to dampen investor sentiment.

On the macro front, the US flash durable goods orders rebounded more-than-expected by 3.1% on a monthly basis in February, rising at its fastest pace since June 2017. In the previous month, durable goods orders had registered a fall of 3.6%, while markets were anticipating for a gain of 1.6%.

On the other hand, the nation’s new home sales surprisingly declined 0.6% on a monthly basis, to a level of 618.0K in February, dropping for the third straight month. New home sales had registered a revised reading of 622.0K in the prior month, while investors had envisaged for a rise to a level of 623.0K.

In the Asian session, at GMT0300, the pair is trading at 1.2375, with the EUR trading 0.17% higher against the USD from Friday’s close.

The pair is expected to find support at 1.2335, and a fall through could take it to the next support level of 1.2295. The pair is expected to find its first resistance at 1.2397, and a rise through could take it to the next resistance level of 1.2419.

Amid no key macroeconomic releases in the Euro-zone today, investors would shift their attention to the US Dallas Fed manufacturing activity index for March and the Chicago Fed national activity index for February, both slated to release later in the day.

The currency pair is trading above its 20 Hr and 50 Hr moving averages.

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