EURUSD Movement
For the 24 hours to 23:00 GMT, EUR rose 0.13% against the USD on Friday and closed at 1.3147, on optimism that Greece’s European partners would agree to a deal on a second bailout.
On the economic front, on a seasonally adjusted basis, the Euro-zone current account recorded a surplus of €2.0 billion in December, while construction output in the Euro-zone increased 7.8% (YoY) in December. Additionally, the Producer Price Index (PPI) in Germany rose 3.4% (YoY) in January.
In the Asian session, at GMT0400, the pair is trading at 1.3212, with the EUR trading 0.49% higher from Friday’s close, after China’s central bank cut the amount of cash banks must hold in their reserves on Saturday, boosting lending capacity in an effort to stimulate growth.
The pair is expected to find support at 1.3139, and a fall through could take it to the next support level of 1.3066. The pair is expected to find its first resistance at 1.3261, and a rise through could take it to the next resistance level of 1.3310.
Trading trends in the pair today are expected to be determined by the release of business confidence indicator and production outlook indicator in France.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
