EURUSD Movement
For the 24 hours to 23:00 GMT, EUR declined 0.54% against the USD and closed at 1.4075, amid mounting fears over Europe’s sovereign debt crisis.
On the economic front, Euro-zone’s Sentix investor confidence index edged down to -15.4 in September, from -13.5 in August. Meanwhile, retail sales climbed 0.2% in July, following a 0.7% rise in June. The final Composite Output Index declined to 50.7 in August, from an initial estimate of 51.1, whereas the PMI for services came in unrevised at 51.5 in August.
Additionally, Germany’s services PMI stood at 51.1 in August, from an initial estimate of 50.4.
In the Asian session, at 3:00GMT, the EUR is trading at 1.4073, marginally lower against USD, from the levels yesterday at 23:00GMT.
The pair has its first short term resistance at 1.4145, followed by the next resistance at 1.4216. The first support is at 1.4030, with the subsequent support at 1.3986.
Trading trends in the pair today are expected to be determined by Gross Domestic Product (GDP) data release in the Euro zone.
The currency pair is trading below its 20 Hr and its 50 Hr moving averages.
