EURUSD Movement
For the 24 hours to 23:00 GMT, EUR traded flat against the USD and closed at 1.3487.
Germany’s economy continued to expand solidly in the Q4 of 2010, although growth slowed slightly from the Q3 and was below market expectations. German GDP rose 0.4% (Q-o-Q) in Q4. The trade balance in the EU showed a deficit of €2.3 billion in December, compared to the previous revised €3.2 billion.
In the Asian session, at 4:00GMT, the EURUSD is trading at 1.3529, 0.31% higher from the levels yesterday at 23:00GMT.
The pair has its first short term resistance at 1.3566, followed by the next resistance at 1.3604. The first support is at 1.3476, with the subsequent support at 1.3424.
With no key economic releases in the day ahead, Euro is expected to ride on release of producer price index in the US.
The currency pair is trading just above its 20 Hr and 50 Hr moving averages.
