EURUSD Movement
For the 24 hours to 23:00 GMT, EUR rose 0.79% against the USD and closed at 1.2947. The US Dollar witnessed selling pressures, as investors indulged in profit booking to capitalize on the recent surge in the greenback.
In economic news, the Euro-zone’s M3 money supply registered a 3.2% annual gain in April. However, the number of people unemployed in Germany increased by 21,000 in May, against the expected rise of 5,000 people.
Yesterday, in its economic outlook, the Organisation for Economic Cooperation and Development forecast that the global economy would grow 3.1% in 2013, lower than the previous estimate of 3.4%.
In the Asian session, at GMT0300, the pair is trading at 1.2962, with the EUR trading 0.12% higher from yesterday’s close.
The pair is expected to find support at 1.2873, and a fall through could take it to the next support level of 1.2785. The pair is expected to find its first resistance at 1.3014, and a rise through could take it to the next resistance level of 1.3067.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
