EURUSD Movement
For the 24 hours to 23:00 GMT, EUR rose 0.82% against the USD, on Friday, and closed at 1.3895, over raised investors’ optimism ahead of European Officials meeting on Sunday.
European Officials, on Sunday, outlined plans to aid banks and ruled out tapping the European Central Bank (ECB) to provide a boost to the rescue fund. Eurozone Officials piled up pressure on Italy to speed up economic reforms to avoid a Greece-style meltdown.
In economic news, the Ifo Institute reported that its German Business Climate Index fell to 106.4 in October from 107.4 in September. Moreover, the Current Conditions Index, in Germany, declined to 116.7 in October from 117.9 in September.
In the Asian session, at GMT0300, the pair is trading at 1.3874, with the EUR trading 0.15% lower from Friday’s close.
The pair is expected to find support at 1.3752, and a fall through could take it to the next support level of 1.3629. The pair is expected to find its first resistance at 1.3949, and a rise through could take it to the next resistance level of 1.4023.
Trading trends in the pair today are expected to be determined by release on purchasing managers’ index (PMI) in the Eurozone.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
