EURUSD Movement
For the 24 hours to 23:00 GMT, EUR declined 0.71% against the USD, on Friday, and closed at 1.4258, despite a bleak US employment report for June, as fears that Europe’s sovereign-debt crisis may spread to Italy dampened investor sentiment.
The European Central Bank President, Jean-Claude Trichet stated that the global economy is still fragile and more work needs to be done in terms of strengthening economic governance in the European Union and coordinating policies among its 17 members to avoid future crises.
In Germany economic news, the trade surplus rose to €14.8 billion in May from €10.8 billion in April. Additionally, the current account surplus rose to €6.9 billion in May from €3.1 billion recorded in the same period in the previous year.
In the Asian session, at 3:00GMT, the EURUSD is trading at 1.4208, 0.35% lower from the levels Friday at 23:00GMT.
The pair has its first short term resistance at 1.4318, followed by the next resistance at 1.4429. The first support is at 1.4142, with the subsequent support at 1.4077.
The currency pair is trading just below its 20 Hr and its 50 Hr moving averages.
