For the 24 hours to 23:00 GMT, EUR declined 0.54% against the USD and closed at 1.3140, amid Greece debt concerns.
In the European summit, yesterday, Greek officials rejected the proposal by Germany to give the European Union veto power over the country’s spending plans.
In Germany, the Consumer Price Index (CPI) declined 0.4% in January, compared to 0.7% rise in December. On an annual basis, wholesale sales increased 1.6% in fourth quarter of 2011, compared to an upwardly revised 3.0% growth in third quarter of 2011.
Additionally, in Euro-zone, the Consumer Confidence Indicator rose to -20.7 in January, compared to -21.3 in the previous month. The Economic Sentiment Indicator rose to 93.4 in January, compared to 92.8 in December. Additionally, the Business Confidence Indicator rose to -0.21 in January, compared to -0.32 in December. Meanwhile, the Industrial Confidence indicator remained unchanged in January compared to the revised -7.2 in December.
In the Asian session, at GMT0400, the pair is trading at 1.3189, with the EUR trading 0.37% higher from yesterday’s close.
The pair is expected to find support at 1.3111, and a fall through could take it to the next support level of 1.3033. The pair is expected to find its first resistance at 1.3233, and a rise through could take it to the next resistance level of 1.3276.
Trading trends in the pair today are expected to be determined by release of retail sales and unemployment rate in Euro-zone, later today.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.