EURUSD Movement
For the 24 hours to 23:00 GMT, EUR rose 0.31% against the USD and closed at 1.3607.
The dollar turned lower against the euro and other major currencies yesterday. In the US, consumer price index rose 0.4% (MoM) in January, higher than the market expectation of a rise of 0.3%. Initial jobless claims rose to 410,000 in the week ended 12 February 2011.
The European Commission reported that consumer confidence in the EU improved to -10.0 from the previous month’s -11.2
In the Asian session, at 4:00GMT, the EURUSD is trading at 1.3611, 0.03% higher from the levels yesterday at 23:00GMT.
The pair has its first short term resistance at 1.3646, followed by the next resistance at 1.3682. The first support is at 1.3556, with the subsequent support at 1.3502.
The pair is expected to trade on the cues from the release of PPI in Germany.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
