EURUSD Movement
For the 24 hours to 23:00 GMT, EUR rose 0.58% against the USD and closed at 1.3608, after Italy successfully completed its bond auction and positive developments in Greece on forming a new government, eased investors’ fears about the debt crisis. The Italian government sold €5 billion in 12-month Treasury bills Thursday as borrowing costs surged. Lucas Papademos, a former vice president of the European Central Bank (ECB), on Thursday was named the new Prime Minister of Greece.
In economic news, the Consumer Price Index (CPI) in Germany rose 2.5% (Y-o-Y) in October, compared to a 2.6% rise in the previous month. Additionally, the Wholesale Price Index in Germany declined 0.1% in October, following a 0.3% rise in the previous month.
In the Asian session, at GMT0400, the pair is trading at 1.3628, with the EUR trading 0.15% higher from yesterday’s close.
The pair is expected to find support at 1.3524, and a fall through could take it to the next support level of 1.3419. The pair is expected to find its first resistance at 1.3693, and a rise through could take it to the next resistance level of 1.3757.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
