EURUSD Movement
For the 24 hours to 23:00 GMT, EUR rose marginally against the USD and closed at 1.2935.
Trading in the pair remained subdued with little in the economic news as the UK and US markets were closed yesterday on account of a regional holiday.
Meanwhile, ratings agency, Standard & Poor’s stated that France need to keep up the pace of its budget cuts to avoid a further credit rating cut by the agency.
In the Asian session, at GMT0300, the pair is trading at 1.2920, with the EUR trading 0.12% lower from yesterday’s close.
The pair is expected to find support at 1.2885, and a fall through could take it to the next support level of 1.2849. The pair is expected to find its first resistance at 1.2953, and a rise through could take it to the next resistance level of 1.2985.
Today’s German import prices and French consumer confidence data are awaited along with Italy’s ten and five year bonds auction. Also, data from the US is expected to show an improvement in consumer confidence and house prices, while markets expect a rebound in the Richmond Fed manufacturing index.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
