EURUSD Movement
For the 24 hours to 23:00 GMT, EUR rose 0.76% against the USD and closed at 1.4329.
In the Eurozone, on a sequential basis, the GDP rose 0.3% in the fourth quarter of 2010. Meanwhile, German factory orders advanced on a seasonally adjusted 2.4% (M-o-M) in February. Also, German industrial orders increased 20.1% (Y-o-Y) in February.
Portugal’s financial minister, Fernando Teixeira dos Santos stated that the country would need international financial assistance after the country paid nearly 6% to borrow for 12 months in a T-bill auction.
In the Asian session, at 3:00GMT, the EURUSD is trading at 1.4306, 0.16% lower from the levels yesterday at 23:00GMT.
The pair has its first short term resistance at 1.4355, followed by the next resistance at 1.4403. The first support is at 1.4253, with the subsequent support at 1.4199.
Trading trends in the pair today are expected to be determined by European Central Bank Rate Decision, German Industrial Production and French Trade Balance data due to be released in the day ahead.
The currency pair is showing convergence with 20 Hr moving average and is trading well above its 50 Hr moving average.
