EURUSD Movement
For the 24 hours to 23:00 GMT, EUR declined 0.73% against the USD and closed at 1.3604, after Standard & Poor’s downgraded Italy’s credit rating. Euro was also pressurized over concerns that Greece would default on its debt obligations.
In the Euro zone economic news, the construction output rose 1.4% (M-o-M) in July following a 1.3% drop in the previous month.
In the Asian session, at 3:00GMT, the EUR is trading at 1.3604, flat against USD, from the levels yesterday at 23:00GMT.
The pair has its first short term resistance at 1.3688, followed by the next resistance at 1.3773. The first support is at 1.3552, with the subsequent support at 1.3500.
Trading trends in the pair today are expected to be determined by release of economic sentiment data in the Euro zone.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
