EURUSD Movement
On Friday, EUR declined 0.67% against the USD and closed at 1.3139, pressured by political turmoil in Greece and expectations that the Federal Reserve would pull out its monetary stimulus. Greece’s political turmoil continued after disagreement with Prime Minister’s abrupt decision to close the state broadcaster, ERT, the Democratic Left pulled out of conservative Prime Minister, Antonis Samaras’ year-old coalition, withdrawing two cabinet ministers and promising only qualified support in parliament, thereby raising fears over Greece’s bailout program.
On the economic front, Euro-zone’s current account surplus narrowed to €15.3 billion in April from a revised surplus of €24.9 billion reported in the previous month.
In the Asian session, at GMT0300, the pair is trading at 1.3099, with the EUR trading 0.30% lower from Friday’s close.
The pair is expected to find support at 1.3039, and a fall through could take it to the next support level of 1.2980. The pair is expected to find its first resistance at 1.3205, and a rise through could take it to the next resistance level of 1.3312.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
