EURUSD Movement
For the 24 hours to 23:00 GMT, EUR declined 0.06% against the USD and closed at 1.3982.
The EU finance commissioner, Michel Barnier stated that the EU cannot afford to delay proposals to restrict short selling over concerns that the measures could harm liquidity in the sovereign-debt market.
In the EU, economic sentiment rose to 31.0 in March, following a reading of 29.5 in February. Additionally, employment rose 0.1% in 4Q FY 2010, after remaining unchanged in 3Q FY2010. In Germany, economic sentiment declined to 14.1 in March from 15.7 in February.
In the Asian session, at 4:00GMT, the EURUSD is trading at 1.3967, 0.11% lower from the levels yesterday at 23:00GMT.
The pair has its first short term resistance at 1.4037, followed by the next resistance at 1.4106. The first support is at 1.3875, with the subsequent support at 1.3782.
Trading trends in the pair today are expected to be determined by data release on CPI and labor costs in the EU.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
