EUR/USD: Euro trading lower as investors await the ECB policy meeting later today

January 10, 2013

EURUSD Movement

For the 24 hours to 23:00 GMT, EUR declined 0.22% against the USD and closed at 1.3053, as investors remained cautious ahead of a European Central Bank meeting later today.

However, the European Union President, Herman Van Rompuy stated yesterday that the euro-area economy is likely to resume growth this year after slipping into a recession in 2012.

On the economic front, gross domestic product (GDP) in the Euro-zone declined 0.1% (QoQ) in Q3 of 2012, in line with the previous estimate and following a 0.2% decline registered in the previous quarter. Separately, Germany’s seasonally adjusted industrial production increased 0.2% (MoM) in November, compared to a revised 2.0% drop recorded in the previous year.

Meanwhile in a noteworthy development, Ireland successfully completed an auction of long term bonds, sending strong signals that it is regaining access to markets just over two years after its bailout.

In the Asian session, at GMT0400, the pair is trading at 1.3045, with the EUR trading marginally lower from yesterday’s close.

The pair is expected to find support at 1.3023, and a fall through could take it to the next support level of 1.3. The pair is expected to find its first resistance at 1.3082, and a rise through could take it to the next resistance level of 1.3118.

Trading trends in the pair today are expected to be determined by the outcome of the ECB interest rate decision scheduled later today.

The currency pair is showing convergence with its 20 Hr moving average and is trading below 50 Hr moving average.

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