EURUSD Movement
For the 24 hours to 23:00 GMT, EUR rose 0.41% against the USD and closed at 1.3805.
The euro strengthened against the dollar after the ECB Governing Council, Bundesbank President, Axel Weber, indicated that interest rates would move higher.
In the EU, economic sentiment index rose to a reading of 107.8 in February, following a reading of 106.8 posted in January while, consumer sentiment index climbed to a reading of -10.0 in February, compared to a score of -11.2 recorded in the previous month . In Germany, GDP rose 0.4% in the Q4 of 2010, following 0.7% growth recorded in 3Q FY2010.
In the Asian session, at 4:00GMT, the EURUSD is trading at 1.3825, 0.14% higher from the levels yesterday at 23:00GMT.
The pair has its first short term resistance at 1.3872, followed by the next resistance at 1.3920. The first support is at 1.3738, with the subsequent support at 1.3652.
M3 money supply is expected to be the key indicator to determine further trading trends in the EU along with CPI release in Germany.
The currency pair is sowing convergence with its 20 Hr moving average and is trading above its 50 Hr moving average.
