EURUSD Movement
For the 24 hours to 23:00 GMT, EUR declined 1.29% against the USD and closed at 1.3193, amid concerns whether Greece would receive the next tranche of aid from international lenders.
Fitch Rating Agency, on Monday, lowered the growth forecast for the global economy citing weaker than expected second quarter outturns.
In the Euro zone, the manufacturing Purchasing Managers’ Index (PMI) stood at a reading of 48.5 in September, compared to a previous reading of 49.0 in August. Additionally, in Germany, the manufacturing Purchasing Managers’ Index (PMI) was revised higher to 50.3 in September, from the flash estimate of 50.0.
In the Asian session, at GMT0300, the pair is trading at 1.3201, with the EUR trading stable from the New York close.
The pair is expected to find support at 1.3116, and a fall through could take it to the next support level of 1.3032. The pair is expected to find its first resistance at 1.3333, and a rise through could take it to the next resistance level of 1.3466.
Trading trends in the pair today are expected to be determined by Producer Price Index (PPI) in the Euro zone.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
