EURUSD Movement
For the 24 hours to 23:00 GMT, EUR rose 0.23% against the USD and closed at 1.4519, amid renewed confidence that the euro zone can withstand a lingering sovereign debt crisis and questions about the health of its banking sector.
In Europe, merger news of Greek lenders, Alpha Bank and Eurobank, boosted investor confidence. Euro also rallied as strong US economic data along with rise in the US equities raised demand for riskier assets.
In the economic news, in Germany, the consumer price inflation slowed to 2.3% (YoY) in August, in line with market estimates, and following a rate of 2.4% recorded in July.
In the Asian session, at 3:00GMT, the EUR is trading at 1.4521, flat against USD, from the levels yesterday at 23:00GMT.
The pair has its first short term resistance at 1.4558, followed by the next resistance at 1.4595. The first support is at 1.4477, with the subsequent support at 1.4433.
With a series of Euro zone economic releases today, including consumer confidence and economic confidence, trading in the pair is expected to be influenced by the resulting cues from these releases.
The currency pair is showing convergence with its 20 Hr moving average and is trading above its 50 Hr moving average.
