EURUSD Movement
For the 24 hours to 23:00 GMT, EUR rose 0.78% against the USD and closed at 1.3779, following a successful bond auction in Spain that provided hints that foreign investors did not perceived any kind of acute, immediate risk arising in the periphery economies. Meanwhile, the US Dollar gave up ground against the Euro as a weak employment data in the US fuelled fresh speculation that the Fed might continue its asset purchase programme for a longer time than expected.
In the Asian session, at GMT0300, the pair is trading at 1.3786, with the EUR trading marginally higher from yesterday’s close.
The pair is expected to find support at 1.3701, and a fall through could take it to the next support level of 1.3617. The pair is expected to find its first resistance at 1.3832, and a rise through could take it to the next resistance level of 1.3879.
Later today, Euro-zone is expected to release a report on the consumer confidence in the region, which the market expects to show an improvement in the month of October.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
