EURUSD Movement
For the 24 hours to 23:00 GMT, EUR rose 0.70% against the USD and closed at 1.3818, after the Greek Prime Minister George Papandreou indicated abandonment of referendum on a bailout plan. Euro was initially pressurized after the European Central Bank (ECB) cut its key interest rate to 1.25%, stating that Europe is heading toward a “mild recession”.
In the Asian session, at GMT0400, the pair is trading at 1.3806, with the EUR trading 0.09% lower from yesterday’s close.
The pair is expected to find support at 1.3690, and a fall through could take it to the next support level of 1.3575. The pair is expected to find its first resistance at 1.3888, and a rise through could take it to the next resistance level of 1.3971.
Trading trends in the pair today are expected to be determined by release of services Purchasing Manager Index (PMI) and Producer Price Index (PPI) in the Eurozone.
The currency pair is showing convergence with its 20 Hr moving average and is trading just above 50 Hr moving average.
