EURUSD Movement
For the 24 hours to 23:00 GMT, EUR rose 0.39% against the USD and closed at 1.3253.
Yesterday, the Standard & Poor’s affirmed the credit outlook for the US government at ‘AA+/A-1+’, and upgraded outlook from ‘Negative’ to ‘Stable’. Separately, the Federal Reserve Bank of St. Louis President, James Bullard, stated that inflation below the central bank’s 2% target may warrant prolonging the “aggressive” use of bond buying to spur growth and bring down unemployment.
On the Euro-zone’s economic front, Sentix investor confidence index climbed to a reading of -11.6 in June from a reading of -15.6 recorded in the previous month. Meanwhile, industrial production in France rose 2.2% (MoM) in April, compared to revised decline of 0.6% recorded in the previous month. Also, Italy recorded an unexpected slump in industrial production in April and its gross domestic product (GDP) contracted 0.6% in the Q1 2013.
In the Asian session, at GMT0300, the pair is trading at 1.3273, with the EUR trading 0.15% higher from yesterday’s close.
The pair is expected to find support at 1.3202, and a fall through could take it to the next support level of 1.3131. The pair is expected to find its first resistance at 1.3318, and a rise through could take it to the next resistance level of 1.3363.
The currency pair is trading just above its 20 Hr and 50 Hr moving averages.
