EURUSD Movement
For the 24 hours to 23:00 GMT, EUR declined 0.46% against the USD and closed at 1.4159, as European officials continued to debate over how to ease the region’s mounting sovereign debt problems. Additionally, the International Monetary Fund have agreed with Germany that the private sector should play a role in a rescue for Greece.
The gain in the US dollar also came, after the Federal Reserve Chairman, Ben Bernanke ruled out the possibility of immediate economic stimulus.
In the Euro zone economic news, the annual consumer price inflation stood at 2.7% in June, matching preliminary estimates.
In the Asian session, at 3:00GMT, the EURUSD is trading at 1.4176, 0.12% higher from the levels yesterday at 23:00GMT.
The pair has its first short term resistance at 1.4251, followed by the next resistance at 1.4325. The first support is at 1.4109, with the subsequent support at 1.4041.
Trading trends in the pair today are expected to be determined by release trade balance data in the Euro zone.
The currency pair is showing convergence with its 20 Hr moving average and is trading just above its 50 Hr moving average.
