EURUSD Movement
For the 24 hours to 23:00 GMT, EUR rose 0.55% against the USD and closed at 1.4176, even after Portugal’s opposition party rejected austerity plans aimed at dealing with the nation’s staggering debt load.
In the EU, composite Purchasing Managers Index slipped to 57.5 in March compared to 58.2 in February. Meanwhile, the services PMI unexpectedly rose to a reading of 56.9 in March, the highest level since August 2007, following a reading of 56.8 posted in February. The German manufacturing PMI declined to 60.9 in March from 62.7 in February, below market expectations. Additionally, service sector PMI rose to 60.1 in March, following a reading of 58.6 in February.
In the Asian session, at 4:00GMT, the EURUSD is trading at 1.4166, 0.07% lower from the levels yesterday at 23:00GMT.
The pair has its first short term resistance at 1.4242, followed by the next resistance at 1.4317. The first support is at 1.4070, with the subsequent support at 1.3973.
Investors are eying economic summit along with other economic releases in the Euro zone.
The currency pair is showing convergence with its 20 Hr moving average and is trading just above its 50 Hr moving average.
