EURUSD Movement
For the 24 hours to 23:00 GMT, EUR declined 0.44% against the USD, on Friday, and closed at 1.3401.
German Chancellor, Angela Merkel, on Friday, stated that European nations are moving toward a “fiscal union” with more stringent budgetary oversight in order to deal with the Euro-zone debt crisis.
In the Euro-zone, the Producer Price Index (PPI) rose 0.1% (MoM) in November, compared to 0.3% rise in the previous month.
In the Asian session, at GMT0400, the pair is trading at 1.3417, with the EUR trading 0.12% higher from Friday’s close, amid optimism over solution to Europe debt crisis, after Italy announced fresh austerity measures.
Italian Prime Minister, Mario Monti on Sunday unveiled a €30 billion ($40.3 billion) package, raising taxes and increasing the pension age in an effort to shore up Italy’s strained finances.
The pair is expected to find support at 1.3337, and a fall through could take it to the next support level of 1.3258. The pair is expected to find its first resistance at 1.3523, and a rise through could take it to the next resistance level of 1.3628.
Trading trends in the pair today are expected to be determined by release of services Purchasing Manager’ Index (PMI) in Germany and Euro-zone.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
