EURUSD Movement
For the 24 hours to 23:00 GMT, EUR rose 0.56% against the USD and closed at 1.4420, on speculation that the European Union would approve an additional bailout package for Greece, thus easing investor’ fears.
In the Asian session, at 3:00GMT, the EURUSD is trading at 1.4410, 0.07% lower from the levels yesterday at 23:00GMT.
In the Euro zone, the unemployment rate remained unchanged at 9.9% in April2011. Additionally, the consumer price inflation, on annual basis, declined to 2.7% in May from 2.8% in April.
The pair has its first short term resistance at 1.4446, followed by the next resistance at 1.4481. The first support is at 1.4367, with the subsequent support at 1.4323.
Trading trends in the pair today are expected to be determined by data release on manufacturing purchasing manager index in the Euro zone.
The currency air is showing convergence with its 20 Hr moving average and is trading just above its 50 Hr moving average.
