The EURUSD dipped in the the Tokyo session, then rallied in the London session.  At 5:00 AM EDT the Eurozone Construction Output statistic came out weaker than expected at -2.2%.  German construction fell 12.3% from February.  Last week Eurozone GDP was showed stronger than expected growth of 0.7% largely as a result of higher construction spending - especially out of Germany who benefitted from a mild winter. 

Given the weaker data, the focus of the market turned away from the weak US economy and focused on the EURo instead.

New York has seen a narrow range of 1.5566 to 1.5594.   Despite the weakness, the pair remains supported by the recent US data which has been weaker and the firm ECB policy stance. 

On the daily chart, the EURUSD corrected between 38.2% and 50% (the chart had one day when the market moved below the 38.2% retracement level but bounced strongly).  The pair moved above the 21 day moving average today at 1.5582.  A close above this level today would be supportive of the currency.