EURUSD Movement
For the 24 hours to 23:00 GMT, EUR declined 0.63% against the USD and closed at 1.4592, amid poor Germany economic data and ahead of European Central Bank’s interest rate decision to be released today.
In the Euro zone, the gross domestic product grew 0.8% in the first quarter of 2011, following a reading of 0.3% in the previous quarter.
In Germany, the trade surplus fell to €10.9 billion in April, compared to a trade surplus of €18.8 billion recorded in March. Additionally, the current account of the balance of payments showed a surplus of €8.8 billion in April, compared to a surplus of €19.6 billion in March.
Moreover, the industrial production, on a seasonally adjusted monthly basis, declined by 0.6% in April, following an upwardly revised 1.2% gain recorded in March.
In the Asian session, at 3:00GMT, the EURUSD is trading at 1.4628, 0.25% higher from the levels yesterday at 23:00GMT.
The pair has its first short term resistance at 1.4693, followed by the next resistance at 1.4757. The first support is at 1.4562, with the subsequent support at 1.4495.
Investors are eying ECB interest rate decision to be released in the Euro zone later today.
The currency pair is showing convergence with its 20 Hr moving average and is trading just below its 50 Hr moving average.
