EURUSD Movement
For the 24 hours to 23:00 GMT, EUR rose 0.96% against the USD and closed at 1.4481, boosted by Greek concessions and reassuring comments from German Chancellor, Angela Merkel.
The Euro rallied, after the reports that suggested Greece would offer faster privatizations and a new round of sweeping austerity measures in return for aid that would help it make ends meet through 2013. The German Chancellor Angela Merkel stated that there is no currency problem in Europe and the euro currency is stable.
The European Central Bank President, Jean-Claude Trichet stated that the governments should consider setting up a finance ministry for the 17-nation euro region as the bloc struggles to contain a region-wide sovereign debt crisis.
The Moody’s Investors Service stated that it may put US government’s Aaa credit rating under review for a downgrade unless there’s progress on increasing the debt limit by mid-July.
In the Asian session, at 3:00GMT, the EURUSD is trading at 1.4488, 0.05% higher from the levels yesterday at 23:00GMT.
The pair has its first short term resistance at 1.4558, followed by the next resistance at 1.4627. The first support is at 1.4380, with the subsequent support at 1.4271.
Trading trends in the pair today are expected to be determined by data release on services purchasing manager index in the Euro zone.
The currency pair is showing convergence with its 20 Hr moving average and is trading just above its 50 Hr moving average.
