EURUSD Movement
For the 24 hours to 23:00 GMT, EUR rose 0.41% against the USD and closed at 1.4839, amid release of economic growth data in the US.
The Commerce Department stated that the US gross domestic product increased at an annual rate of 1.8%, reflecting a notable slowdown from the 3.1% growth seen in the fourth quarter of 2010.
In Germany, the unemployment rate from March remained unchanged at 7.1% in April. Meanwhile, a decline of 37,000 in the number of unemployed took the overall jobless level to a seasonally adjusted 2.97 million in April, the lowest figure since June 1992.
In the Asian session, at 3:00GMT, the EURUSD is trading at 1.4824, 0.10% lower from the levels yesterday at 23:00GMT.
The pair has its first short term resistance at 1.4882, followed by the next resistance at 1.4939. The first support is at 1.4768, with the subsequent support at 1.4711.
The pair is expected to trade on the cues from the release of data on money supply, industrial confidence and unemployment rate 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.
