EURUSD Movement
For the 24 hours to 23:00 GMT, EUR rose 0.29% against the USD and closed at 1.3029. The US Dollar dropped as traders speculated that the policy makers in the US would maintain or expand monetary stimulus measures, after the Federal Reserve Chairman, Ben Bernanke stated that the economic conditions aren’t where he’d like them to be.
However, the common currency remained under pressure, as worrying signs in Portugal dampened sentiment among investors. In economic news, investor confidence index in the Euro-zone recorded a drop to a reading of -17.3 in April, while Germany’s industrial production increased 0.5% in February.
In the Asian session, at GMT0300, the pair is trading at 1.3045, with the EUR trading 0.12% higher from yesterday’s close.
The pair is expected to find support at 1.2986, and a fall through could take it to the next support level of 1.2926. The pair is expected to find its first resistance at 1.3087, and a rise through could take it to the next resistance level of 1.3128.
The currency pair is trading higher with its 20 Hr and 50 Hr moving averages.
