EURUSD Movement
For the 24 hours to 23:00 GMT, EUR rose 1.16% against the USD and closed at 1.4437.
Euro was supported by investors speculation that the meeting between French President Nicolas Sarkozy and the German Chancellor Angela Merkel would result in action to contain the region’s debt crisis.
In the economic news, the Federal Reserve Bank of New York reported that its general business conditions index fell to a reading of -7.7 in August, compared to a reading of -3.8 in July.
In the Asian session, at 3:00GMT, the EURUSD is trading at 1.4431, marginally lower from the levels yesterday at 23:00GMT.
The pair has its first short term resistance at 1.4518, followed by the next resistance at 1.4606. The first support is at 1.4301, with the subsequent support at 1.4172.
Trading trends in the pair today are expected to be determined by data release on trade balance and Gross Domestic Product (GDP) in the Euro zone.
The currency pair is trading between its 20 Hr and its 50 Hr moving averages.
