EUR USD Movement
For the 24 hours to 23:00 GMT, EUR rose marginally against the USD and closed at 1.3363.
The Bundesbank stated after improving in the second quarter, Germany’s economic recovery may lose pace this summer, citing weaker industrial orders and export data.
On the economic front, Italian and Euro-zone trade balance both registered a surplus, but missed their estimates. Moreover, Euro-zone’s labour costs rose at a faster pace in the Q1 2013.
Meanwhile in the US, home builder confidence rose more than expected in June, while the New York region manufacturing activity expanded in June. Against this backdrop, investors keenly await the Federal Reserve’s policy statement scheduled on Wednesday as uncertainty over the bank’s next move prevailed.
In the Asian session, at GMT0300, the pair is trading at 1.3355, with the EUR trading marginally lower from yesterday’s close.
The pair is expected to find support at 1.3321, and a fall through could take it to the next support level of 1.3286. The pair is expected to find its first resistance at 1.3386, and a rise through could take it to the next resistance level of 1.3416.
The currency pair is showing convergence with its 20 Hr moving average and is trading just above its 50 Hr moving average.
