EURUSD Movement
For the 24 hours to 23:00 GMT, EUR declined 0.50% against the USD and closed at 1.4004. In the Euro-zone, the Gross Domestic Product (GDP), on a sequential basis, grew 0.2% in the second quarter of 2011 (2Q FY2011).
Additionally, in Germany, on a seasonally adjusted monthly basis, factory orders, edged down 2.8% in July, compared to a 1.8% rise in June.
In the US, the Institute for Supply Management indicated that its non-manufacturing index advanced unexpectedly to 53.3 in August, from 52.7 in July.
German Finance Minister, Wolfgang Schaeuble stated that the German economy is likely to expand around 3% in 2011, following 3.6% growth in 2010.
In the Asian session, at 3:00GMT, the EUR is trading at 1.4033, 0.21% higher against USD, from the levels yesterday at 23:00GMT.
The pair has its first short term resistance at 1.4219, followed by the next resistance at 1.4405. The first support is at 1.3908, with the subsequent support at 1.3783.
Trading trends in the pair today are expected to be determined by Industrial Production data release in Germany.
The currency pair is trading below its 20 Hr and its 50 Hr moving averages.
