EURUSD Movement
For the 24 hours to 23:00 GMT, EUR rose 0.33% against the USD and closed at 1.3799.
The euro rose against dollar on speculation that ECB Bank policy makers will signal their readiness to raise interest rates to counter inflation.
In the EU, CPI declined by 0.7% (M-o-M) in January compared with 0.6% in December.
In the Asian session, at 4:00GMT, the EURUSD is trading at 1.3814, 0.11% higher from the levels yesterday at 23:00GMT.
In the US, Chicago business barometer unexpectedly rose to 71.2 in February, the highest level since July 1998.
The pair has its first short term resistance at 1.3874, followed by the next resistance at 1.3935. The first support is at 1.3731, with the subsequent support at 1.3649.
With a series of EU economic releases today, including manufacturing PMI and unemployment rate and release of Germany’s manufacturing PMI and Unemployment Rate, trading in the pair is expected to be influenced by the resulting cues from these releases.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
