EUR/USD Daily Technical Analysis for March 24, 2017

The EUR/USD edged lower on Thursday following a softer than expected German confidence report, and ahead of the U.S. House of Representative’s vote on the Healthcare bill.  The EURUSD made a lower low, and is poised to test target support near the 10-day moving average at 1.0729.  Resistance is seen near the February highs at 1.0829, and then the 200-day moving average at 1.0885. The change in tone from the ECB and the dovish bent following the Fed’s FOMC meeting has help the Euro to US dollar form a bottom.

German Consumer Confidence was Weaker than Expected

German consumer confidence was weaker than expected with the GfK April consumer confidence index falling to 9.8 from 10.0 in the previous month, against expectations for a steady reading. This is the second consecutive decline and the full breakdown, which is only available for March, showed a jump in overall business expectations, but a dip in income expectations as inflation expectations turn less negative.