EURUSD Movement
For the 24 hours to 23:00 GMT, EUR rose 0.23% against the USD and closed at 1.4242, as commodities strengthened, thus reducing the greenback’s appeal against riskier assets.
The European Central Bank (ECB) in its May issue of the monthly report indicated that the governing council continues to see upward pressure on overall inflation, mainly due rise in energy and commodity prices.
In the Euro zone, the industrial production, on monthly basis, fell 0.2% in March, following 0.6% increase recorded in February.
In the Asian session, at 3:00GMT, the EURUSD is trading at 1.4205, 0.26% lower from the levels yesterday at 23:00GMT.
The pair has its first short term resistance at 1.4282, followed by the next resistance at 1.4360. The first support is at 1.4123, with the subsequent support at 1.4042.
Investors are eying ECB President Trichet’s Speech along with other economic releases in the Euro zone to be released later today
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
