EURUSD Movement
For the 24 hours to 23:00 GMT, EUR declined 0.86% against the USD on Friday and closed at 1.3172, amid weak economic data from France and as Euro-zone Finance Ministers delayed approval of a crucial bailout package for Greece. The Head of Euro-zone Finance Ministers, Jean-Claude Juncker, warned that Greece would not receive its next aid tranche until the country’s Parliament approves the formulated plan for additional spending cuts.
Meanwhile, on the economic front, the Consumer Price Index in Germany stood at 2.1% (YoY) in January, from an initial estimate of 2.0%. Additionally, industrial production in France fell 1.4% (MoM) in December, while manufacturing production slipped 1.4% in December.
In the Asian session, at GMT0400, the pair is trading at 1.3250, with the EUR trading 0.59% higher from Friday’s close, as Greek Prime Minister Lucas Papademos won approval from parliament for austerity measures to secure a second package of aid, lifting investor sentiment.
The pair is expected to find support at 1.3176, and a fall through could take it to the next support level of 1.3101. The pair is expected to find its first resistance at 1.3305, and a rise through could take it to the next resistance level of 1.3359.
Trading trends in the pair today are expected to be determined by the release of German Wholesale Price Index data.
The currency pair is trading between its 20 Hr and 50 Hr moving averages.
