EURUSD Movement
For the 24 hours to 23:00 GMT, EUR declined 0.20% against the USD and closed at 1.4300, after the European Central Bank policy makers raised the benchmark interest rate to 1.25% from a record low 1%.
European Central Bank (ECB) President, Jean-Claude Trichet stated that the decision to raise rates by 25bps to 1.25% was unanimous and added that the ECB would continue to monitor the situation.
On the economic front, the German industrial production rose by a seasonally adjusted 1.6% (M-o-M) in February, following a revised 2.0% increase recorded in the previous month. Additionally, the annual industrial production increased 14.8% in February.
In the Asian session, at 3:00GMT, the EURUSD is trading at 1.4365, 0.45% higher from the levels yesterday at 23:00GMT.
The pair has its first short term resistance at 1.4412, followed by the next resistance at 1.4460. The first support is at 1.4278, with the subsequent support at 1.4192.
Trading trends in the pair today are expected to be determined by the release of German current account, German trade balance and French central government balance data in the day ahead.
The pair is trading just above its 20 Hr moving average and its 50 Hr moving average.
