EURUSD Movement
For the 24 hours to 23:00 GMT, EUR rose 0.39% against the USD and closed at 1.4077, after European Central Bank President (ECB), Jean-Claude Trichet’s remarks raised expectations that the ECB could hike interest rates as soon as next month.
In the Asian session, at 3:00GMT, the EURUSD is trading at 1.4076, 0.01% lower from the levels yesterday at 23:00GMT.
The pair has its first short term resistance at 1.4121, followed by the next resistance at 1.4166. The first support is at 1.4027, with the subsequent support at 1.3978.
Trading trends in the pair today are expected to be determined by data release on consumer price index in the Euro Zone.
The currency pair is showing convergence with its 20 Hr moving average and is trading just below its 50 Hr moving average.
