EURUSD Movement
For the 24 hours to 23:00 GMT, EUR declined 0.39% against the USD, on Friday, and closed at 1.4354, after Friday’s announcement of a rescue package for Greece. Euro came under pressure, over concerns that the measures announced to contain the Greece debt crisis would not be enough to control the regional turmoil.
In the economic news, the industrial orders in the Euro zone rose by 3.6% (M-o-M) in May compared to a contraction of 0.1% in the previous month.
Additionally, in the German economic news, the Ifo business climate index dropped to 112.9 in July from 114.5 in June. The current conditions index declined to 121.4 in July from 123.3 in June.
In the Asian session, at 3:00GMT, the EURUSD is trading at 1.4379, 0.17% higher from the levels Friday’s at 23:00GMT.
The pair has its first short term resistance at 1.4438, followed by the next resistance at 1.4496. The first support is at 1.4321, with the subsequent support at 1.4262.
The currency pair is showing convergence with its 20 Hr moving average and is trading just above its 50 Hr moving average.
