EURUSD Movement
For the 24 hours to 23:00 GMT, EUR rose 0.15% against the USD and closed at 1.4580.
The European Central Bank President, Jean-Claude Trichet, stated that the policy makers must avert any jump in inflation expectations amid the risk of higher prices spreading through the economy.
In Germany, the Ifo institute reported that its business sentiment index fell to a reading of 110.4 in April, compared to a reading of 111.1 posted in March. Meanwhile, the current conditions index rose to a reading of 116.3 in April, following a reading of 115.8 posted in the previous month.
In the Asian session, at 3:00GMT, the EURUSD is trading at 1.4527, 0.36% lower from the levels yesterday at 23:00GMT.
The pair has its first short term resistance at 1.4606, followed by the next resistance at 1.4686. The first support is at 1.4469, with the subsequent support at 1.4412.
Trading trends in the currency pair are expected to be determined by data release on retail sales and import prices in the Euro zone.
The currency pair is trading just below its 20 Hr and 50 Hr moving averages.
