EURUSD Movement
For the 24 hours to 23:00 GMT, EUR declined 1.35% against the USD on Friday and closed at 1.2640, after Standard & Poor’s downgraded France of its top credit rating and cut eight other euro-zone nations. EUR was further weighed down amid news that negotiations between Greece and private creditors on a debt swap deal collapsed, raising the risk of a Greek default.
In the Euro-zone, the trade surplus advanced to €6.9 billion in November, following a surplus of €1.0 billion in October.
On Saturday, German Chancellor, Angela Merkel called for quicker implementation of the European fiscal pact, after rating agency Standard & Poor’s downgraded the debt ratings of nine Euro-zone countries. She also urged European leaders to make the European Stability Mechanism operational as soon as possible.
In the Asian session, at GMT0400, the pair is trading at 1.2651, with the EUR trading 0.09% higher from Friday’s close.
The pair is expected to find support at 1.2557, and a fall through could take it to the next support level of 1.2464. The pair is expected to find its first resistance at 1.2811, and a rise through could take it to the next resistance level of 1.2972.
The currency pair is trading below its 20 Hr and its 50 Hr moving averages.
