EURUSD Movement
For the 24 hours to 23:00 GMT, EUR rose 0.81% against the USD and closed at 1.4270, as fresh efforts to ease debt crises in Greece and Portugal and accelerating inflation put pressure on policy makers to boost interest rates.
The Finance Ministers of the European Union member states unanimously approved a €78.0 billion financial aid package to Portugal. Moreover, they also indicated that Greece needs to do more to improve its fiscal position in order to fetch extra aid.
In the Euro zone, the economic sentiment dropped to 13.6 in May from 19.7 in April. Additionally, the German economic sentiment dropped to 3.1 points in May from 7.6 points in April.
In the Asian session, at 3:00GMT, the EURUSD is trading at 1.4277, 0.05% higher from the levels yesterday at 23:00GMT.
The pair has its first short term resistance at 1.4336, followed by the next resistance at 1.4394. The first support is at 1.4168, with the subsequent support at 1.4058.
Trading trends in the pair today are expected to be determined by data release on construction output in the Euro zone.
The currency pair is trading just above its 20 Hr and 50 Hr moving averages.
