EURUSD Movement
For the 24 hours to 23:00 GMT, EUR rose 0.48% against the USD and closed at 1.2811, amid hopes that Greece would remain in the Euro-zone after world leaders continued to voice support to keep Greece in the Euro-zone.
Euro received further support, after construction output in the Euro-zone unexpectedly surged 12.4% (MoM) in March, following a revised 10.4% slump in February.
Meanwhile, the France’s new Finance Minister Pierre Moscovici and his German counterpart Wolfgang Schaeuble, assured that the Germany and France would do everything necessary to help Greece remain in the Euro-zone.
Moreover, the European Central Bank Executive Board member, Joerg Asmussen stated that Europe’s fiscal pact should not be renegotiated or softened but could be complemented by growth-enhancing measures.
In bond auction, Germany sold €2.910 billion of its T-bills with 12 months maturity, at an average yield of 0.0264%, down from 0.0743% in the previous sale on April 23. Meanwhile, France raised a total of €9.607 billion from the BTAN and OAT auction, and €1.357 billion from its linker bond auction.
In the Asian session, at GMT0300, the pair is trading at 1.2792, with the EUR trading 0.15% lower from yesterday’s close.
The pair is expected to find support at 1.2737, and a fall through could take it to the next support level of 1.2682. The pair is expected to find its first resistance at 1.2836, and a rise through could take it to the next resistance level of 1.2880.
Trading trends in the pair today are expected to be determined by the release of consumer confidence in Euro-zone.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
