EURUSD Movement
For the 24 hours to 23:00 GMT, EUR declined 0.17% against the USD and closed at 1.3263. The greenback ticked up against major riskier currencies, amid uncertainty over the Federal Reserve’s stance on tapering asset purchases, ahead of its two day policy meeting starting today. Also, on the market radar is the European Central Bank’s rate decision on Thursday, wherein the central bank is widely expected to keep interest rates unchanged.
On the macro front, the business confidence index in Italy rose to 91.7 in July, from 90.5 in the previous month.
Yesterday, the International Monetary Fund approved a loan tranche worth €1.72 billion for Greece after completing a review of the country’s performance under the international rescue programme.
In the Asian session, at GMT0300, the pair is trading at 1.3254, with the EUR trading marginally lower from yesterday’s close.
The pair is expected to find support at 1.3229, and a fall through could take it to the next support level of 1.3205. The pair is expected to find its first resistance at 1.3287, and a rise through could take it to the next resistance level of 1.3321.
Today’s European economic calendar is filled with important releases including consumer confidence, economic sentiment indicator and industrial confidence from the Euro-zone, gross domestic product from Spain and consumer prices data from Germany.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
