EURUSD Movement
For the 24 hours to 23:00 GMT, EUR declined 0.36% against the USD and closed at 1.4273. Euro remained under pressure despite the news that Greece has reached an agreement with the European Union and the International Monetary Fund for a new five-year austerity plan that would include tax hikes and spending cuts.
In the Euro zone, the manufacturing purchasing managers’ index (PMI) declined to a reading of 52.0 in June, an 18-month low, following a score of 54.6 posted in May. Additionally, the services purchasing managers’ index declined to a score of 54.2 in June, compared to a reading of 56.0 posted in May.
In the Germany economic news, the manufacturing purchasing managers’ index (PMI) fell to a reading of 54.9 in June, a 17-month low, compared to a reading of 57.7 posted in May. Meanwhile, the services activity index rose to a reading of 58.3 in June, a three month high, following a level of 56.1 posted in the previous month.
In the Asian session, at 3:00GMT, the EURUSD is trading at 1.4258, 0.11% lower from the levels yesterday at 23:00GMT.
The pair has its first short term resistance at 1.4339, followed by the next resistance at 1.4420. The first support is at 1.4152, with the subsequent support at 1.4046.
Investors are eying the economic and financial affairs council meeting along with other economic releases to be released in the Euro zone later today.
The currency pair is trading between its 20 Hr and its 50 Hr moving averages.
