EURUSD Movement
For the 24 hours to 23:00 GMT, EUR declined 0.03% against the USD and closed at 1.4221.
In the Eurozone, the service sector business activity index in rose to 57.2 in March, the strongest since August 2007, while the headline composite output index fell to 57.6 in March. Moreover, retail sales in the Eurozone unexpectedly declined 0.1% (M-o-M) in February, following a 0.2% increase recorded in January.
Additionally, the German services business activity index climbed to 60.1 in March, the second-fastest rate of growth since June 2006, while the French he services activity index rose to 60.4 in March, the seven-month high.
Moody’s downgraded Portugal one notch to Baa1, citing political uncertainty, and stated that it is “more likely than not†that Portugal would seek a bailout.
In the Asian session, at 3:00GMT, the EURUSD is trading at 1.4258, 0.26% higher from the levels yesterday at 23:00GMT.
The pair has its first short term resistance at 1.4301, followed by the next resistance at 1.4343. The first support is at 1.4182, with the subsequent support at 1.4105.
Trading trends in the pair today are expected to be determined by the release of Eurozone GDP and German factory orders data in the day ahead.
The currency pair is trading well above its 20 Hr and 50 Hr moving averages.
