EURUSD Movement
For the 24 hours to 23:00 GMT, the EUR rose 0.87% against the USD and closed at 1.1343.
Consumer price index in the Euro-zone remained unchanged at 0.2% on a monthly basis in May, at par with consensus estimates.
In the US, the FOMC kept the interest rate unchanged at a historical minimum level in June, stating that the US economy was still not strong enough to accommodate a rate hike. However, it signalled that an interest rate hike was possible later this year.
Yesterday, the Fed downgraded the GDP forecasts for the US economy to 1.8%-2.0% this year from 2.3%-2.7% estimated in March. The unemployment level forecast was revised upwards and projected between 5.2% and 5.3% for the fourth quarter of 2015, from the 5.0% to 5.2% range, estimated earlier.
In the Asian session, at GMT0300, the pair is trading at 1.1362, with the EUR trading 0.17% higher from yesterday’s close.
The pair is expected to find support at 1.1255, and a fall through could take it to the next support level of 1.1149. The pair is expected to find its first resistance at 1.1420, and a rise through could take it to the next resistance level of 1.1479.
Trading trends in the pair today are expected to be determined by the US consumer prices and initial jobless claims data, scheduled later today. Meanwhile, Greece still remains in the spotlight as the Euro-zone finance ministers meet later in the day.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
