EURUSD Movement
For the 24 hours to 23:00 GMT, EUR rose 0.48% against the USD and closed at 1.3722. French President Nicolas Sarkozy stated that Greece would not receive a “single cent” in aid without holding to the terms of its bailout agreement.
In economic news, the manufacturing Purchasing Manager Index (PMI) in the eurozone declined to a reading of 47.1 in October. Additionally, in Germany, the manufacturing Purchasing Manager Index (PMI) declined to 49.1 in October, compared to 50.3 in previous month. The unemployment rate rose to 7.0% in October, in comparison to 6.9% in the previous month. The number of unemployed people rose by 10,000 in October, following a revised 22,000 decline in September.
In the Asian session, at GMT0400, the pair is trading at 1.3695, with the EUR trading 0.20% lower from yesterday’s close, after German Chancellor, Angela Merkel and French President, Nicolas Sarkozy stated that they would withhold €8 billion ($11 billion) of assistance to Greece and warned to surrender all European aid if the nation votes against a bailout package agreed last week.
The pair is expected to find support at 1.3630, and a fall through could take it to the next support level of 1.3566. The pair is expected to find its first resistance at 1.3794, and a rise through could take it to the next resistance level of 1.3894.
European Central Bank (ECB) interest rate decision is likely to receive increased market attention today.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
