EURUSD Movement
For the 24 hours to 23:00 GMT, EUR rose 0.20% against the USD on Friday and closed at 1.3987, as oil prices surged sharply, increasing investors worries that high energy prices will hinder growth.
ECB President Trichet, stated that rise in interest rates from their current level of 1%, when the ECB makes its next rate decision announcement in April, was “not certain” but “possible”.
In the Asian session, at 4:00GMT, the EURUSD is trading at 1.3976, 0.08% lower from the levels yesterday at 23:00GMT.
The pair has its first short term resistance at 1.4007, followed by the next resistance at 1.4037. The first support is at 1.3948, with the subsequent support at 1.3919.
Trading trends in the pair today are expected to be determined by release of sentix investor confidence in the EU.
The currency pair is showing convergence with its 20 Hr moving average and is trading above its 50 Hr moving average.
