EURUSD Movement
For the 24 hours to 23:00 GMT, EUR rose 0.22% against the USD and closed at 1.3514, after the International Monetary Fund revamped its credit-line program to improve liquidity and financing needs for its members, a move seen as a help to Europe’s debt crisis.
However, gains in Euro were limited as German Chancellor, Angela Merkel stated that “we do not have any new bazooka to pull out of the bag” to fix the region’s debt crisis.
In economic news, the consumer confidence index in the Euro-zone declined to -20.4 in November, following a reading of -19.9 in October.
In the Asian session, at GMT0400, the pair is trading at 1.3471, with the EUR trading 0.32% lower from yesterday’s close.
The pair is expected to find support at 1.3426, and a fall through could take it to the next support level of 1.3380. The pair is expected to find its first resistance at 1.3543, and a rise through could take it to the next resistance level of 1.3614.
With a series of Euro-zone economic releases today, including industrial order and Purchasing Managers’ Index (PMI), trading in the pair is expected to be influenced by the resulting cues from these releases.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
