EURUSD Movement
For the 24 hours to 23:00 GMT, EUR rose 0.27% against the USD and closed at 1.3402, after the European Central Bank (ECB) council member, Jens Weidmann stated that, the Euro is not overvalued and warned Euro-zone governments against trying to weaken the currency.
In economic news, industrial production in France fell 2.1% annually in December, in line with market estimates and compared to the 3.8% fall recorded in November.
The greenback came under pressure, after the US Federal Reserve Vice-Chairman, Janet Yellen, stated that as long as inflation does not become a major concern, the central bank’s ultra loose monetary stance is appropriate to bring an improvement in the job market.
In the Asian session, at GMT0400, the pair is trading at 1.3391, with the EUR trading marginally lower from yesterday’s close.
The pair is expected to find support at 1.3356, and a fall through could take it to the next support level of 1.3321. The pair is expected to find its first resistance at 1.3427, and a rise through could take it to the next resistance level of 1.3463.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
