EURUSD Movement
For the 24 hours to 23:00 GMT, EUR declined 0.15% against the USD and closed at 1.3258. The Euro traded higher initially, after services PMI data in Europe confirmed the ease in contraction, adding to recovery signs.
Services PMI in the Euro-zone, France, Italy and Spain rose more-than-expected for July. Meanwhile, the German service activity index rose to a reading of 51.3 in July from 50.4 in June. Market had expected the reading to rise to 52.5. Also, Sentix investor confidence in the Euro-zone showed encouraging figures for July.
In US, the ISM non-manufacturing index rose to 56.0 in July from 52.2 in June.
In the Asian session, at GMT0300, the pair is trading at 1.3263, with the EUR trading tad higher from yesterday’s close.
The pair is expected to find support at 1.3230, and a fall through could take it to the next support level of 1.3196. The pair is expected to find its first resistance at 1.3299, and a rise through could take it to the next resistance level of 1.3334.
Ahead in the day, market awaits German factory orders for June and Italian gross domestic product for the second quarter of 2013.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
