EURUSD Movement
For the 24 hours to 23:00 GMT, EUR rose 0.51% against the USD and closed at 1.4098, despite another round of discouraging economic news from the euro zone.
In the Euro zone, the industrial new orders, on monthly basis, declined by 1.8% in March from 0.5% rise in February. In Germany, the gross domestic product, on quarterly basis, rose 1.5% in Q1 2011 compared to 0.4% in the fourth quarter of 2010. The business climate indicator was unchanged at 114.2 in May. The expectations index in Germany fell to a reading of 107.4 in May, following a score of 107.7 recorded in the previous month. Additionally, the current conditions index rose unexpectedly to 121.4 in May from 121 in April.
In the Asian session, at 3:00GMT, the EURUSD is trading at 1.4060, 0.27% lower from the levels yesterday at 23:00GMT.
The pair has its first short term resistance at 1.4121, followed by the next resistance at 1.4182. The first support is at 1.4011, with the subsequent support at 1.3962.
The currency pair is trading just below its 20 Hr and 50 Hr moving averages.
