EURUSD Movement
For the 24 hours to 23:00 GMT, EUR declined 1.41% against the USD and closed at 1.4210, as renewed debt concerns in Greece and more worries about Portuguese banks reduced investors’ risk appetite.
In Germany, the consumer price inflation, on an annual basis, remained unrevised from the initial estimate at 2.4% in April. Meanwhile, the wholesale price index rose by 0.2% in April from 1.3% increase in the previous month.
In the Asian session, at 3:00GMT, the EURUSD is trading at 1.4228, 0.13% higher from the levels yesterday at 23:00GMT.
The pair has its first short term resistance at 1.4379, followed by the next resistance at 1.4530. The first support is at 1.4122, with the subsequent support at 1.4016.
Trading trends in the pair today are expected to be determined by data release on industrial production in the Euro zone.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
