EURUSD Movement
For the 24 hours to 23:00 GMT, EUR declined 0.11% against the USD and closed at 1.3184, as economic data released yesterday from Europe continued to paint a dire picture for the region.
The final purchasing managers index (PMI) for the manufacturing sector in the Euro-zone fell to a reading of 46.1 in December, compared to a flash estimate of 46.3. Additionally, Spanish manufacturing activity deteriorated further in December and manufacturing activity in France slipped for a tenth consecutive month in December. Meanwhile in Germany, the final PMI for manufacturing sector fell to a reading of 46.0 in December, while the consumer price index rose 0.9% (MoM) in December.
In the Asian session, at GMT0400, the pair is trading at 1.3138, with the EUR trading 0.35% lower from yesterday’s close.
The pair is expected to find support at 1.3077, and a fall through could take it to the next support level of 1.3015. The pair is expected to find its first resistance at 1.3246, and a rise through could take it to the next resistance level of 1.3355.
Trading trends in the pair today are expected to be determined by the release of German unemployment report and Euro-zone M3 money supply data.
The currency pair is trading far below its 20 Hr and 50 Hr moving averages.
