EURUSD Movement
For the 24 hours to 23:00 GMT, EUR declined 0.50% against the USD, on Friday, and closed at 1.2721.
In economic news in Germany, the factory orders declined 4.8% (MoM) in November, compared to 5.0% rise in the preceding month. In the Euro-zone, unemployment rate remained unchanged at 10.3% in November. The Economic sentiment index fell to 93.3 in December, compared to 93.8 in November. The industrial confidence remained unchanged at -7.1, while sentiment in services fell to -2.1 in December. The Consumer Confidence declined to a level of -21.1 in December. Additionally, retail sales fell 0.8% (MoM) in November, compared to 0.1% increase in October.
In the Asian session, at GMT0400, the pair is trading at 1.2688, with the EUR trading 0.26% lower from Friday’s close, ahead of meeting between French President, Nicolas Sarkozy and German Chancellor, Angela Merkel later today.
The pair is expected to find support at 1.2631, and a fall through could take it to the next support level of 1.2575. The pair is expected to find its first resistance at 1.2778, and a rise through could take it to the next resistance level of 1.2869.
Economic releases taking center stage today includes German trade balance and Euro-zone Sentix Investor Confidence Index.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
