EURUSD Movement
For the 24 hours to 23:00 GMT, EUR rose 0.13% against the USD and closed at 1.3233.
On the economic front, the French Confidence Index for the manufacturing sector remained unchanged at a reading of 92.0 in February.
Additionally, in its monthly report, the Bundesbank stated that Germany’s economic outlook brightened again, however risks relating to sovereign debt crisis remain in the region.
In the Asian session, at GMT0400, the pair is trading at 1.3260, with the EUR trading 0.20% higher from yesterday’s close, on reports that European Finance Ministers have agreed the terms of on a second bailout deal for Greece. The EU officials stated that the deal would involve financing of €130 billion and aims to cut Greece’s debt to 121% of GDP by 2020. Additionally, private sector holders of Greek debt are expected to take losses of up to 53.5% on the nominal value of their bonds as part of a debt exchange that will reduce Greece’s debts by around €100 billion.
The pair is expected to find support at 1.3197, and a fall through could take it to the next support level of 1.3134. The pair is expected to find its first resistance at 1.3308, and a rise through could take it to the next resistance level of 1.3356.
Investors are awaiting consumer confidence data in the Euro-zone later today.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
