EURUSD Movement
For the 24 hours to 23:00 GMT, EUR declined 0.07% against the USD and closed at 1.3444, as investors remain cautious ahead of a meeting of Group of 20 developed and emerging market economies in Moscow tomorrow.
The Euro witnessed gains earlier in the session, buoyed by an upbeat European economic data, adding to signs of economic recovery in the region. On a monthly basis, industrial production in Euro-zone increased better-than-expected in December. Additionally, wholesale price index in Germany climbed unexpectedly in January, compared to previous month.
However, the gains were trimmed after German newspaper, Bild reported that the European Central Bank (ECB) is concerned that a further appreciation of the Euro could have a negative impact on the region’s economy.
In the Asian session, at GMT0400, the pair is trading at 1.3440, with the EUR trading slightly lower from yesterday’s close.
The pair is expected to find support at 1.3404, and a fall through could take it to the next support level of 1.3367. The pair is expected to find its first resistance at 1.3499, and a rise through could take it to the next resistance level of 1.3557.
Investors are eying ECB monthly report, along with other economic releases in Europe later today.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
