EURUSD Movement
For the 24 hours to 23:00 GMT, EUR rose 0.07% against the USD and closed at 1.3647, as investors awaited Slovakia’s decision, after the country’s Parliament delayed a vote on the eurozone bailout fund.
The Slovak Parliament rejected a plan to expand a €440 billion euro ($600 billion) bailout fund, with only 55 members of the 150 members voting in favour, resulting in the collapse of the Slovak government. Nonetheless, the Slovak Parliament is expected to approve the European Financial Stability Facility later this week as the opposition had indicated that it would support the bailout fund after the government is dissolved.
In the Asian session, at GMT0300, the pair is trading at 1.3610, with the EUR trading 0.27% lower from yesterday’s close.
The pair is expected to find support at 1.3556, and a fall through could take it to the next support level of 1.3502. The pair is expected to find its first resistance at 1.3674, and a rise through could take it to the next resistance level of 1.3738.
Trading trends in the pair today are expected to be determined by data release on industrial production in eurozone.
The currency pair is showing convergence with its 50 Hr and is trading just below its 20 Hr moving average.
