EURUSD Movement
For the 24 hours to 23:00 GMT, EUR declined 0.10% against the USD and closed at 1.4256, after ECB officials ruled out a Greek debt restructuring.
In the Euro Zone, construction output, on annual basis, fell by 4.9% in March 2011 compared with 3.9% growth in March 2010.
The European Central Bank Vice President, Vitor Constancio indicated that, the consequences of a Greek debt restructuring would be “dire,” leading to further credit-rating cuts and harming the country’s banks and economy.
In the Asian session, at 3:00GMT, the EURUSD is trading at 1.4297, 0.29% higher from the levels yesterday at 23:00GMT.
The pair has its first short term resistance at 1.4339, followed by the next resistance at 1.4381. The first support is at 1.4223, with the subsequent support at 1.4149.
Investors are eying ECB President Trichet’s speech to be released later today.
The currency pair is trading just above its 20 Hr and 50 Hr moving averages.
