EURUSD Movement
On Friday, the EUR declined 0.34% against the USD and closed at 1.2178, on concerns of political instability in Greece.
Last week, the ruling party of Greece was not able to secure majority votes in the parliament, despite recent calls by the nation’s Prime Minister, Antonis Samaras, offering pro-European independent candidates to join the party. Investors fear that if the opposition group Syriza comes to power, it would abandon the austerity measures and economic overhaul linked to Greece’s bailout agreements.
In the Asian session, at GMT0400, the pair is trading at 1.2186, with the EUR trading 0.06% higher from Friday’s close.
The pair is expected to find support at 1.2162, and a fall through could take it to the next support level of 1.2137. The pair is expected to find its first resistance at 1.2215, and a rise through could take it to the next resistance level of 1.2245.
Trading trends in the pair today are expected to be determined by retail sales data from Germany. Apart from that, the third round of the Presidential election in Greece scheduled today would garner a lot of market attention.
The currency pair is showing convergence with its 20 Hr moving average and is trading below its 50 Hr moving average.
