EURUSD Movement
On Friday, EUR traded steady against the USD and closed at 1.3276, amid growing uncertainty over the future of the Federal Reserve’s stimulus program.
Euro-zone officials approved the transfer of €4 billion of funding to Greece and Euro-zone governments are expected to approve disbursement by today.
On the economic front, Germany released its import price index data which registered a larger-than-expected 2.2% annual drop in June, whereas France posted a better-than-expected rise in consumer confidence in July.
Meanwhile in the US, the final consumer sentiment index rose to a six year high of 84.1 in July.
In the Asian session, at GMT0300, the pair is trading at 1.3284, with the EUR trading marginally higher from Friday’s close.
The pair is expected to find support at 1.3258, and a fall through could take it to the next support level of 1.3232. The pair is expected to find its first resistance at 1.3304, and a rise through could take it to the next resistance level of 1.3324.
This week, it is the Federal Reserve’s July policy meeting that investors have their attention focused on, for indications on the future of the central bank’s stimulus program.
The currency pair is showing convergence with its 20 Hr moving average and is trading above its 50 Hr moving average.
