EURUSD Movement
For the 24 hours to 23:00 GMT, EUR declined 1.94% against the USD and closed at 1.4541, after Jean-Claude Trichet, President of the European Central Bank (ECB) stated that he wouldn’t hike interest rates for the Euro-zone.
On Thursday, ECB left its key interest rates unchanged at 1.25%, in line with market expectations. Additionally, Jean-Claude Trichet, ECB President stated that the upward pressure and upside risks of inflation in the Eurozone would continue to be very closely monitored.
The German factory orders unexpectedly dropped 4.0% MoM in March, compared to a downwardly revised 1.9% increase recorded in the previous month.
In the Asian session, at 3:00GMT, the EURUSD is trading at 1.4538, marginally lower from the levels yesterday at 23:00GMT.
The pair has its first short term resistance at 1.4790, followed by the next resistance at 1.5043. The first support is at 1.4396, with the subsequent support at 1.4255.
Trading trends in the pair today are expected to be determined by data release on industrial production in Germany.
The currency pair is trading far below its 20 Hr and 50 Hr moving averages.
