EURUSD Movement
For the 24 hours to 23:00 GMT, EUR rose 0.36% against the USD and closed at 1.3993, after the European Union leaders decided to widen the scope of a rescue fund aimed at resolving the debt crisis and reduce the cost of loans to Greece.
The ECB Governing Council member, Axel Weber stated that reforms to Eurozone economic governance should allow states to restructure their debt in an orderly manner, but only in “extreme” circumstances..
In the EU, industrial production grew 0.3% (M-o-M) in January, less than market expectations, following a 0.3% rise in December.
In the Asian session, at 4:00GMT, the EURUSD is trading at 1.3903, 0.64% lower from the levels yesterday at 23:00GMT.
The pair has its first short term resistance at 1.3964, followed by the next resistance at 1.4025. The first support is at 1.3882, with the subsequent support at 1.3861.
Investors are eying Eco Fin Meeting of EU finance ministers along with series of economic releases in the EU to be released later today.
The currency pair showing convergence with its 20 Hr moving average and is trading above its 50 Hr moving average.
