By GCI Forex Research
EURUSD MovementFor the 24 hours to 23:00 GMT, EUR declined 0.06% against the USD and closed at 1.3982.
The EU finance commissioner, Michel Barnier stated that the EU cannot afford to delay proposals to restrict short selling over concerns that the measures could harm liquidity in the sovereign-debt market.
In the EU, economic sentiment rose to 31.0 in March, following a reading of 29.5 in February. Additionally, employment rose 0.1% in 4Q FY 2010, after remaining unchanged in 3Q FY2010. In Germany, economic sentiment declined to 14.1 in March from 15.7 in February.
In the Asian session, at 4:00GMT, the EURUSD is trading at 1.3967, 0.11% lower from the levels yesterday at 23:00GMT.
The pair has its first short term resistance at 1.4037, followed by the next resistance at 1.4106. The first support is at 1.3875, with the subsequent support at 1.3782.
Trading trends in the pair today are expected to be determined by data release on CPI and labor costs in the EU.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
Forex Daily Market Commentary provided by GCI Financial Ltd.
GCI Financial Ltd (”GCI”) is a regulated securities and commodities trading firm, specializing in online Foreign Exchange (”Forex”) brokerage. GCI executes billions of dollars per month in foreign exchange transactions alone. In addition to Forex, GCI is a primary market maker in Contracts for Difference (”CFDs”) on shares, indices and futures, and offers one of the fastest growing online CFD trading services. GCI has over 10,000 clients worldwide, including individual traders, institutions, and money managers. GCI provides an advanced, secure, and comprehensive online trading system. Client funds are insured and held in a separate customer account. In addition, GCI Financial Ltd maintains Net Capital in excess of minimum regulatory requirements.
DISCLAIMER: GCI’s Daily Market Commentary is provided for informational purposes only. The information contained in these reports is gathered from reputable news sources and is not intended to be U.S.ed as investment advice. GCI assumes no responsibility or liability from gains or losses incurred by the information herein contained.
