EURUSD Movement
For the 24 hours to 23:00 GMT, EUR declined 0.16% against the USD and closed at 1.3971, as investors remained cautious, after Moody’s Investors Service downgraded Greek bond ratings to B1 from Ba1 and assigned a negative outlook. The agency further stated that the country might fail to meet the criteria for support from the International Monetary Fund and the European Union after 2013, citing Greek government’s difficulties in revenue collection.
In the EU, the sentix investor confidence index rose to 17.1 in March from 16.7 in the previous month.
In the Asian session, at 4:00GMT, the EURUSD is trading at 1.3984, 0.09% higher from the levels yesterday at 23:00GMT.
The pair has its first short term resistance at 1.4028, followed by the next resistance at 1.4072. The first support is at 1.3949, with the subsequent support at 1.3914.
Trading trends in the pair today are expected to be determined by data release on factory orders in Germany.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
