EURUSD Movement
For the 24 hours to 23:00 GMT, the EUR rose 0.31% against the USD and closed at 1.1204.
Yesterday, Greece inched closer towards its debt default, as it struggles to strike a deal with its creditors, who rejected the reform proposals put forward by the Greece officials, raising doubts over Greece’s future in the single-currency bloc.
In other economic news, Germany’s Ifo business climate index eased to a four-month low level of 107.4 in June, following a level of 108.5 in May, while the Ifo business expectations index eased more than expected to 102.0 in June, compared to a level of 103.0 in the prior month, suggesting that economic situation in the Euro-zone’s largest economy was deteriorating.
In the US, the final annualized GDP eased 0.20% QoQ in Q1 2015, at par with market expectations, while preliminary figures had indicated a drop of 0.70%. The data supported the fact that the US economy will rebound in the second quarter.
In the Asian session, at GMT0300, the pair is trading at 1.1215, with the EUR trading 0.1% higher from yesterday’s close.
The pair is expected to find support at 1.1177, and a fall through could take it to the next support level of 1.1139. The pair is expected to find its first resistance at 1.1244, and a rise through could take it to the next resistance level of 1.1274.
Trading trends in the Euro today are expected to be mainly determined by the Eurogroup’s meeting, scheduled today, as the meeting got ended without a deal yesterday. Additionally, the US initial jobless claims would be closely watched by the market participants.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
