EURUSD Movement
For the 24 hours to 23:00 GMT, EUR traded flat against the USD, on Friday, and closed at 1.4156.
The Euro steadied against the greenback as concerns that the results of European bank stress tests would further sour sentiment towards the Euro were tempered by the US debt concerns.
The Euro was initially pressurized on concerns that the European leaders would fail to agree on measures to contain the region’s debt crisis at a summit this week.
In the other Euro zone news, the European Banking Authority (EBA) indicated that eight of 90 banks in Europe failed the stress test. Meanwhile, the EBA has asked the national supervisory authorities to monitor that the failed banks promptly reinforces the capital shortfall.
In the economic news, the trade deficit in the Euro zone, on the seasonally adjusted basis, improved to €0.60 billion in May, compared to a deficit of €2.50 billion in the previous month.
In the Asian session, at 3:00GMT, the EURUSD is trading at 1.4075, 0.57% lower from the levels from Friday at 23:00GMT.
The pair has its first short term resistance at 1.4159, followed by the next resistance at 1.4242. The first support is at 1.4022, with the subsequent support at 1.3968.
The currency pair is trading just below its 20 Hr and its 50 Hr moving averages.
