EURUSD Movement
For the 24 hours to 23:00 GMT, EUR rose 0.16% against the USD and closed at 1.3461, as investor sentiment was lifted after the Spanish bond auction met its target sale. Spain sold €3.75 billion ($5 billion) of government bonds, meeting its target. France also received strong demand for €4.3 billion of debt.
In the Euro-zone, the manufacturing Purchasing Managers’ Index (PMI) declined to 46.4 in November, compared to 47.1 in the previous month.
In Germany, the manufacturing PMI fell to 47.9 in November, compared to 49.1 in the previous month.
Additionally, in France, the manufacturing PMI declined to 47.3 in November, below its flash estimate of 47.6 in November. The ILO-jobless rate rose to 9.3% in third quarter of 2011, compared to 9.1% in second quarter of 2011.
In the Asian session, at GMT0400, the pair is trading at 1.3460, with the EUR trading flat from yesterday’s close.
The pair is expected to find support at 1.3411, and a fall through could take it to the next support level of 1.3362. The pair is expected to find its first resistance at 1.3515, and a rise through could take it to the next resistance level of 1.3570.
Trading trends in the pair today are expected to be determined by release of Producer Price Index (PPI) in the Euro-zone.
The currency pair is trading between its 20 Hr and 50 Hr moving averages.
