The euro fell for the second straight day against the dollar and the Japanese currency as expectations indicate the European economic recovery is waning, which reduced demand on the single currency. On the other hand, the Japanese Yen slumped against the greenback, following expectations indicating that the Japanese policy makers may refuse to interfere to stop the rise of the Yen's value.
The euro fell against the dollar during the Asian session, reengaging into its downside movement seen last week. The euro recorded a high of 1.2815 and a low of 1.2780 during today, and now the pair is trading around 1.2792. Also, the pair is trading in an oversold area according to the four hours and daily momentum indicators, which might weaken its downside movement seen now. During its decline the euro will face a support at 1.2750.
The British pound fell against the dollar during the Asian session, recording a high of 1.5584 and a low of 1.5548 during today, and now the pair trades around 1.5559. The daily momentum indicators show the pair is trading within and oversold area. The pound was able to break the 1.5580 support and now targets the 1.5440 on the short term.
The dollar/yen pair started strengthening again, recording a high of 85.80 and a low of 85.40, and now it trades around 85.48. The four hours and daily momentum indicators support the pair upside movement, which increases the chances of reaching the strong support found at 86.00.