EURUSD Movement
For the 24 hours to 23:00 GMT, EUR rose 0.10% against the USD and closed at 1.3405, ahead of Euro-zone summit scheduled later this week.
Euro also received support from reports that the European Union leaders are in talks to double the size of the EFSF rescue fund.
In Germany, the construction Purchasing Managers’ Index (PMI) came in at 49.9 in November, compared to 47.3 in the previous month. The factory orders rose 5.2% (M-o-M) in October, following a 4.6% decline in September. Additionally, in Euro-zone, on a sequential basis, the Gross Domestic Product (GDP) growth in the Euro-zone stood at 0.2% in the third quarter of 2011, in line with the initial estimate.
In the Asian session, at GMT0400, the pair is trading at 1.3423, with the EUR trading 0.13% higher from yesterday’s close.
The pair is expected to find support at 1.3361, and a fall through could take it to the next support level of 1.3300. The pair is expected to find its first resistance at 1.3456, and a rise through could take it to the next resistance level of 1.3490.
Trading trends in the pair today are expected to be determined by release of industrial production data in the Euro-zone.
The currency pair is trading just above its 20 Hr and 50 Hr moving averages.
