EURUSD Movement
For the 24 hours to 23:00 GMT, the EUR declined 0.47% against the USD and closed at 1.1345 after crisis between Greece and its Euro-zone creditors escalated, raising concerns that the debt-stricken nation is inching closer towards an exit from the Euro-zone.
In other economic news, the Euro-zone’s non-seasonally adjusted trade surplus unexpectedly widened to €24.3 billion, expanding for the 5th consecutive month in December, against market expectations to drop to a level of €20.0 billion. The Euro-zone had posted a revised trade surplus of €21.20 billion in the prior month.
Separately, the Deutsche Bundesbank, in its latest monthly report, signalled that the German economy could register a stronger growth than current forecasts. Furthermore, it attributed consumer spending as the main factor behind the increased momentum, adding that the country could also benefit from a weaker Euro.
In the Asian session, at GMT0400, the pair is trading at 1.1359, with the EUR trading 0.12% higher from yesterday’s close.
The pair is expected to find support at 1.1309, and a fall through could take it to the next support level of 1.1259. The pair is expected to find its first resistance at 1.1419, and a rise through could take it to the next resistance level of 1.1480.
Trading trends in the Euro today are expected to be determined by the ZEW’s economic sentiment survey data of the Euro-zone and Germany, scheduled in a few hours.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
