EURUSD Movement
For the 24 hours to 23:00 GMT, EUR rose 0.15% against the USD and closed at 1.2987.
The Euro traded lower earlier in the session after the European Central Bank (ECB) council member, Ignazio Visco reportedly stated that, the central bank could take its deposit rate below zero to help the ailing Euro-zone economy. Meanwhile, the Eurogroup officials, in their meeting yesterday unveiled a €7.5 billion aid to Greece in order to support the ailing nation.
The US Dollar was heavily influenced on reports that the Federal Reserve is supposedly planning out a scale back of its $85 billion per month bond buying program as the US economic recovery is on trend.
Additionally, the US retail sales data rose unexpectedly by 0.1% (MoM) in April, compared to a revised 0.5% drop in the previous month. Market had expected for a 0.3% drop. However, business inventories remained unchanged in March, against market expectations for a 0.3% rise.
In the Asian session, at GMT0300, the pair is trading at 1.3011, with the EUR trading 0.18% higher from yesterday’s close.
The pair is expected to find support at 1.2959, and a fall through could take it to the next support level of 1.2907. The pair is expected to find its first resistance at 1.3045, and a rise through could take it to the next resistance level of 1.3079.
Consumer prices data across the Europe and industrial production data from the Euro-zone are on the list of economic releases for the day.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
