EURUSD Movement
For the 24 hours to 23:00 GMT, EUR rose 1.92% against the USD and closed at 1.3637, amid increased risk appetite for riskier asset after France and Germany jointly decided to come up with a plan to tackle the eurozone crisis.
On the economic front, Eurozone’s Sentix investor confidence index fell to -18.55 in October, the lowest level since July 2009, and compared to -15.37 in September.
Meanwhile, Germany’s current account surplus narrowed to €7.0 billion in August, following a current account surplus of €7.8 billion in July. Also, the trade surplus climbed unexpectedly to €11.8 billion in August, from a trade surplus of €10.5 billion in July.
In the Asian session, at GMT0300, the pair is trading at 1.3621, with the EUR trading 0.12% lower from the New York close.
The pair is expected to find support at 1.3478, and a fall through could take it to the next support level of 1.3334. The pair is expected to find its first resistance at 1.3732, and a rise through could take it to the next resistance level of 1.3842.
The currency pair is showing convergence with its 20 Hr moving average and is trading above 50 Hr moving average.
