Euro Trading Lower This Morning

Euro Trading Lower This Morning

For the 24 hours to 23:00 GMT, EUR rose 0.35% against the USD and closed at 1.3033.

In economic news, the non-seasonally adjusted trade surplus in Germany widened to €13.7 billion in January, from a €12.1 billion surplus recorded in the previous month. However, Germany's current account surplus narrowed €11.3 billion in January, compared to a €20.2 billion surplus in the previous month. Meanwhile the total industrial production in France dropped 1.2% (MoM) in January, against the expected 0.2% fall. Also, manufacturing output fell 1.4% (MoM) in January, faster than the expected 0.2% decrease. Separately, Italy's seasonally and calendar-adjusted gross domestic product (GDP) fell 0.9% (QoQ) in the Q42012, while the yearly GDP contracted 2.8% in the Q42012.

In the Asian session, at GMT0400, the pair is trading at 1.3029, with the EUR trading marginally lower from yesterday's close.

The pair is expected to find support at 1.2993, and a fall through could take it to the next support level of 1.2956. The pair is expected to find its first resistance at 1.3060, and a rise through could take it to the next resistance level of 1.3090.