EURUSD Movement
For the 24 hours to 23:00 GMT, the EUR declined 0.28% against the USD and closed at 1.1830.
In economic news, the French business sentiment index dropped unexpectedly to 96.0 in December compared to market expectations of a steady reading. The index had recorded a level of 97.0 in the previous month.
Separately, the ECB Governing Council Member, Ewald Nowotny, stated that the central should act sooner rather than later to boost the region’s economic growth and inflation. He further added that ECB policymakers were discussing steps including bond buying to spur the region’s struggling economy.
In the US, the Atlanta Fed President, Dennis Lockhart, indicated that he sees that the US economy is moving ahead in its recovery, likely putting the central bank in position to raise interest rates by the middle of 2015.
In the Asian session, at GMT0400, the pair is trading at 1.1844, with the EUR trading 0.12% higher from yesterday’s close.
The pair is expected to find support at 1.1796, and a fall through could take it to the next support level of 1.1748. The pair is expected to find its first resistance at 1.1882, and a rise through could take it to the next resistance level of 1.1920.
Amid a light economic calendar in the Euro-zone, market sentiment would be governed by global macroeconomic news.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
