EURUSD Movement
For the 24 hours to 23:00 GMT, EUR rose 0.61% against the USD and closed at 1.3427, after the European Central Bank announced aggressive liquidity measures to support the region’s ailing banks, while holding interest rates steady at 1.5%, as expected.
In economic news, the factory orders in Germany declined 1.4% (M-o-M) in August compared to a 2.6% decline in July.
In the Asian session, at GMT0300, the pair is trading at 1.3431, with the EUR trading marginally higher from the New York close.
The pair is expected to find support at 1.3298, and a fall through could take it to the next support level of 1.3166. The pair is expected to find its first resistance at 1.3507, and a rise through could take it to the next resistance level of 1.3584.
Trading trends in the pair today are expected to be determined by data release on industrial production in Germany.
The currency pair is trading just above its 20 Hr and 50 Hr moving averages.
