COZforex: For the past trading session to 23:00 GMT, EUR rise 0.36% against the USD and closed at 1.3228.
However, investors remained focused on developments surrounding the fiscal cliff in the US, approximately $600 billion in automatic tax hikes and spending cuts due to come into effect on January 1.
In the US, on a seasonally adjusted basis, the S&P/Case-Shiller 20-City composite home price index rise 0.7% in October, compared to a 0.4% increase in September. Market had expected prices to increase by 0.5%. Meanwhile, the Richmond Fed Index for manufacturing sector retreated to a reading of 5.0 in December, from a reading of 9.0 in November.
The US Treasury Secretary, Timothy Geithner, has cautioned that the US would reach the $16.4 trillion debt ceiling in less than a week. He added that the treasury would create a $200.0 billion in headroom that gives the government less than two months before it defaults on its debt.
COZforex foreign currency senior currency strategist, Paul Chew said, EUR/USD is predicted to find support at 1.3184, and a fell through could take it to the next support line of 1.3135. Also, the pair is predicted to find its first resistance at 1.3267, and a rose through could take it to the next resistance line of 1.3303.
Trading trends in the pair today are predicted to be determined by the release of consumer confidence and producer prices data in France. In the US, investors await the release of initial jobless claims, consumer confidence and new home sales data.
Paul Chew also stated EUR/USD is trading above its 20 Hr and 50 Hr moving averages.
COZ forex UK
However, investors remained focused on developments surrounding the fiscal cliff in the US, approximately $600 billion in automatic tax hikes and spending cuts due to come into effect on January 1.
In the US, on a seasonally adjusted basis, the S&P/Case-Shiller 20-City composite home price index rise 0.7% in October, compared to a 0.4% increase in September. Market had expected prices to increase by 0.5%. Meanwhile, the Richmond Fed Index for manufacturing sector retreated to a reading of 5.0 in December, from a reading of 9.0 in November.
The US Treasury Secretary, Timothy Geithner, has cautioned that the US would reach the $16.4 trillion debt ceiling in less than a week. He added that the treasury would create a $200.0 billion in headroom that gives the government less than two months before it defaults on its debt.
COZforex foreign currency senior currency strategist, Paul Chew said, EUR/USD is predicted to find support at 1.3184, and a fell through could take it to the next support line of 1.3135. Also, the pair is predicted to find its first resistance at 1.3267, and a rose through could take it to the next resistance line of 1.3303.
Trading trends in the pair today are predicted to be determined by the release of consumer confidence and producer prices data in France. In the US, investors await the release of initial jobless claims, consumer confidence and new home sales data.
Paul Chew also stated EUR/USD is trading above its 20 Hr and 50 Hr moving averages.
COZ forex UK