EURUSD Movement
For the 24 hours to 23:00 GMT, EUR declined 2.17% against the USD and closed at 1.3839, amid doubts whether Italy’s fiscal problems would be solved by the EU’s expanded sovereign debt rescue package.
In economic news, the Consumer Price Index (CPI) in the eurozone stood at 3.0% in October, unchanged from the previous month. The unemployment rate rose to 10.2% in September from 10.1% in August.
Additionally, in Germany, retail sales, on an annual basis, declined 0.3% in September, compared to 2.5% gain in the previous month.
In the Asian session, at GMT0400, the pair is trading at 1.3837, with the EUR trading flat from yesterday’s close.
The pair is expected to find support at 1.3749, and a fall through could take it to the next support level of 1.3660. The pair is expected to find its first resistance at 1.3990, and a rise through could take it to the next resistance level of 1.4142.
Trading trends in the pair today are expected to be determined by manufacturing Purchasing Manager Index (PMI) in Germany.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
