EURUSD Movement
For the 24 hours to 23:00 GMT, EUR rose 0.27% against the USD and closed at 1.3152, as concerns over the Greek bond swap eased, after pension funds and major banks stated that they would take part in Greece’s bond swap offer to private creditors.
Adding to positive sentiment, Germany sold €3.312 billion of 5-year bobl’s at an average yield of 0.79%, down from 0.91% at the previous auction on February 8.
Meanwhile, on the data front, German factory orders declined 2.7% (MoM) in January, compared to a downwardly revised 1.6% rise in December.
In the Asian session, at GMT0400, the pair is trading at 1.3168, with the EUR trading 0.13% higher from yesterday’s close.
The pair is expected to find support at 1.3117, and a fall through could take it to the next support level of 1.3066. The pair is expected to find its first resistance at 1.3199, and a rise through could take it to the next resistance level of 1.3229.
Trading trends in the pair today are expected to be determined by the release of German industrial production and European Central Bank (ECB) interest rate decision.
The currency pair is trading just above its 20 Hr and 50 Hr moving averages.
