EURUSD Movement
For the 24 hours to 23:00 GMT, EUR rose 0.12% against the USD and closed at 1.2988.
On the economic front, Germany’s Gfk Consumer Confidence Survey declined to 5.9 in December, from a downwardly revised 6.1 in November,
On a seasonally adjusted basis, Italy’s consumer confidence index fell to 84.8 in November, from a revised reading of 86.2 in October.
In the Asian session, at GMT0400, the pair is trading at 1.2986, with the EUR trading marginally lower from yesterday’s close. Early this morning news emerged that the IMF and EU policymakers have agreed to reduce the country’s debt by €40 billion to 124% of gross domestic product by 2020.
The pair is expected to find support at 1.2951, and a fall through could take it to the next support level of 1.2915. The pair is expected to find its first resistance at 1.3016, and a rise through could take it to the next resistance level of 1.3045.
Trading trends in the pair today are expected to be determined by the release of the import price index in Germany, consumer confidence data in France and durable goods orders, housing price index and the consumer confidence data in the US.
The currency pair is trading just above its 20 Hr and 50 Hr moving averages.
