EURUSD Movement
For the 24 hours to 23:00 GMT, EUR rose 0.22% against the USD and closed at 1.3765, over revived investor’s speculation that European leaders would take aggressive steps at the weekend summit to resolve the region’s debt crisis.
In economic news, the eurozone current account recorded a deficit of €5.0 billion in August, from a revised deficit of €6.8 billion in July. On an annual basis the construction output grew 2.5% in August from 1.2% growth recorded in the previous month.
In the Asian session, at GMT0300, the pair is trading at 1.3726, with the EUR trading 0.28% lower from yesterday’s close, as divisions emerged over how to tackle Europe’s debt crisis before finance ministers meet in Brussels tomorrow.
Euro came under pressure as a split between France and Germany over Europe’s rescue strategy surfaced.
The pair is expected to find support at 1.3676, and a fall through could take it to the next support level of 1.3627. The pair is expected to find its first resistance at 1.3822, and a rise through could take it to the next resistance level of 1.3919.
Trading trends in the pair today are expected to be determined by data release on consumer confidence in the Eurozone.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
