EURUSD Movement
For the 24 hours to 23:00 GMT, EUR declined 0.10% against the USD and closed at 1.3909, after the cancellation of a European finance ministers meeting that raised doubts whether an EU summit would deliver a bold plan to tackle the region’s debt crisis.
In the US, the S&P/Case-Shiller 20-city composite home price index advanced 0.2% (M-o-M) in August, from a 0.9% rise July.
In economic news, Germany’s forward looking GfK consumer sentiment index unexpectedly edged up to 5.3 in November, from 5.2 in October.
In France, the consumer sentiment index climbed to 82.0 in October, after dropping to 80.0 in September.
In the Asian session, at GMT0300, the pair is trading at 1.3921, with the EUR trading 0.09% higher from yesterday’s close.
The pair is expected to find support at 1.3860, and a fall through could take it to the next support level of 1.3799. The pair is expected to find its first resistance at 1.3971, and a rise through could take it to the next resistance level of 1.4021.
The European Union economic summit is likely to receive increased market attention today.
The currency pair is showing convergence with its 20 Hr moving average and is trading just above its 50 Hr moving average.
