EURUSD Movement
For the 24 hours to 23:00 GMT, the EUR declined 0.08% against the USD and closed at 1.1318, amid uncertainty surrounding Greece exiting the Euro-zone.
In economic news, industrial production in France dropped 0.10% on a YoY basis in December, less than market expectations for a drop of 1.30% and following a revised drop of 2.80% recorded in the previous month. Meanwhile, the nation’s manufacturing production unexpectedly rose 0.30% on an annual basis in December, compared to a revised drop of 1.40% in the prior month. Market expectations were for it to drop 0.80%.
In the US, JOLTs job openings recorded a rise to 5028.00 K in December, compared to a revised level of 4847.00 K in the previous month. Meanwhile, the seasonally adjusted wholesale inventories in the US rose 0.10% in December, compared to an advance of 0.80% in the prior month, while markets expected it to advance 0.20%.
Separately, the Richmond Fed President, Jeffrey Lacker stated that the US central bank should raise its interest rate in June 2015, as the US economy was strengthening.
In the Asian session, at GMT0400, the pair is trading at 1.1319, with the EUR trading marginally higher from yesterday’s close.
The pair is expected to find support at 1.1279, and a fall through could take it to the next support level of 1.1238. The pair is expected to find its first resistance at 1.1353, and a rise through could take it to the next resistance level of 1.1387.
With no crucial economic releases in the Euro-zone today, traders are likely to remain focused on Finance Ministers’ meeting in the region, especially amid fears of Greece’s exit from the common currency bloc.
The currency pair is trading between its 20 Hr and 50 Hr moving averages.
