EURUSD Movemernt
For the 24 hours to 23:00 GMT, EUR rose 1.06% against the USD, on Friday, and closed at 1.3752, supported by hopes that Italy and Greece are getting their fiscal houses in order.
Euro rose as investors’ confidence in Italy’s ability to contain its debt revived, after Senate approved a budget law, clearing a path for Prime Minister Silvio Berlusconi to resign. Additionally, Greece swears in new Prime Minister, Lucas Papademos on Monday.
In the Asian session, at GMT0400, the pair is trading at 1.3773, with the EUR trading 0.15% higher from Friday’s close.
The pair is expected to find support at 1.3646, and a fall through could take it to the next support level of 1.3520. The pair is expected to find its first resistance at 1.3855, and a rise through could take it to the next resistance level of 1.3938.
Trading trends in the pair today are expected to be determined by industrial production data release in the Euro-zone.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
