EURUSD Movement
For the 24 hours to 23:00 GMT, EUR declined 0.61% against the USD and closed at 1.4098, after Portugal’s parliament rejected Prime Minister Jose Socrates’s plan to impose further austerity, after the opposition voted against a government plan to impose additional spending cuts and tax hikes aimed at avoiding an European Union bailout.
In the EU, consumer confidence index declined to -10.6 in March, compared to the -10.0 in the previous month, less than market expectations. Additionally, industrial new orders, on monthly basis, rose almost flat by 0.1% (M-o-M) in January compared to 2.7% rise in December.
In the Asian session, at 4:00GMT, the EURUSD is trading at 1.4079, 0.13% lower from the levels yesterday at 23:00GMT.
The pair has its first short term resistance at 1.4175, followed by the next resistance at 1.4270. The first support is at 1.4025, with the subsequent support at 1.3970.
Trading trends in the pair today are expected to be determined by data release on manufacturing PMI in the EU.
The currency pair is trading just below its 20 Hr and 50 Hr moving averages.
