EURUSD Movement
For the 24 hours to 23:00 GMT, EUR rose 0.05% against the USD and closed at 1.3050.
Yesterday, the Greek officials stated that the Troika of international inspectors has accepted Greek measures “worth €8.5 to 9.5 billion” out of a €11.5 billion ($15 billion) austerity package.
Additionally, Dow Jones Newswires reported that the German government not only wants a strict separation of bank supervision and monetary policy in the Euro-zone, but also favors a separate bank-supervision body that would give large countries more votes.
In economic news, the Euro-zone construction output fell 0.3% (MoM) in July, from a revised 0.6% drop in June.
Meanwhile, the Dallas Federal Reserve President, Richard Fisher, stated that the US economy does not need more liquidity in the form of Federal Reserve bond purchases because it would not induce businesses to borrow, invest and hire.
In the Asian session, at GMT0300, the pair is trading at 1.3021, with the EUR trading 0.22% lower from yesterday’s close.
The pair is expected to find support at 1.2981, and a fall through could take it to the next support level of 1.2941. The pair is expected to find its first resistance at 1.3073, and a rise through could take it to the next resistance level of 1.3125.
Trading trends in the pair today are expected to be determined by the release of Euro-zone, German and French purchasing manager index data. Investors are also eyeing German producer prices and Italian industrial orders data in the day ahead.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
