EURUSD Movement
For the 24 hours to 23:00 GMT, EUR declined 0.12% against the USD and closed at 1.2706, as investors sought safety in the greenback after the Euro-zone policymakers concluded yesterday’s meeting without deciding when it would disburse a €31.5 billion tranche of aid to Greece.
In a much awaited meeting of the Euro-zone finance ministers held yesterday, for the review of the details of Greece’s progress, Athens was given two years to meet austerity targets, though the news emerged earlier that country was running out of funding and would need a tranche of aid soon.
Meanwhile, Luxembourg’s Prime Minister Jean- Claude Juncker, stated that he expects a definite decision on Greece at the finance Chiefs’ meeting on November 20.
On the economic front, Germany’s annual wholesale price inflation increased to 4.60% in October, the highest level in eleven months, and compared to a 4.20% rise reported in the previous month.
In the Asian session, at GMT0400, the pair is trading at 1.2678, with the EUR trading 0.22% lower from yesterday’s close.
The pair is expected to find support at 1.2655, and a fall through could take it to the next support level of 1.2631. The pair is expected to find its first resistance at 1.2720, and a rise through could take it to the next resistance level of 1.2763.
Trading trends in the pair today are expected to be determined by the release of the ZEW survey for economic sentiment in Germany and the Euro-zone.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
