EURUSD Movement
For the 24 hours to 23:00 GMT, EUR rose 0.16% against the USD and closed at 1.2288.
In its testimony to Congress, the Federal Reserve Chairman, Ben Bernanke, offered no new hints at a need for monetary stimulus.
In a bond auction, Spain sold €2.6 billion worth of 12-month government bonds at an average yield of 3.918%, down sharply from 5.074% at a similar auction last month. Additionally, it sold €960 million of 18-month debt at an average yield of 4.242%, down from 5.107% in the previous sale on June 19.
In economic news, the ZEW indicator of economic sentiment, in Germany, dropped to -19.6 points in July, from -16.9 in June. Separately, in the Euro-zone, the ZEW index of investor sentiment declined to -22.3 in July, from -20.1 in June. The current conditions index rose 0.3 points to -72.9.
In the Asian session, at GMT0300, the pair is trading at 1.2292, with the EUR trading marginally higher from yesterday’s close.
The pair is expected to find support at 1.2215, and a fall through could take it to the next support level of 1.2138. The pair is expected to find its first resistance at 1.2343, and a rise through could take it to the next resistance level of 1.2394.
Trading trends in the pair today are expected to be determined by the release of construction output data in the Euro-zone.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
