EURUSD Movement
For the 24 hours to 23:00 GMT, EUR rose 0.55% against the USD and closed at 1.4155, amid easing of worries that the arrest of International Monetary Fund chief, Dominique Strauss-Kahn would derail decisions over giving financial assistance to Greece.
The Euro zone finance ministers unanimously backed a €78 billion bail-out of Portugal, making it the third Euro zone country to receive international financial support.
In the Euro zone, trade balance showed a surplus of €2.8 billion in March compared to deficit of €3.0 billion in February. Meanwhile, the consumer price inflation, on a seasonally adjusted annual basis, rose to 2.8% in April, the highest level since October 2008 and compared to a rate of 2.7% recorded in March.
In the Asian session, at 3:00GMT, the EURUSD is trading at 1.4154, flat from the levels yesterday at 23:00GMT.
The pair has its first short term resistance at 1.4242, followed by the next resistance at 1.4331. The first support is at 1.4070, with the subsequent support at 1.3987.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
