Hopes in the U.S, fears in the EU alongside with technical movements…

By IBTimes Staff Reporter | August 26 2010 2:05 PM

So far today sentiments of optimism were spread throughout the currencies market as global stocks advanced and a report showed applications for U.S unemployment benefits dropped more than forecast last week, easing accordingly concerns regarding the present deteriorated labor market and that the world's leading growth, while that concerns rose regarding Spain's fiscal stability, however technical movements are shaping the trading currently.

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Accordingly, the euro-dollar pair is currently narrow trading as a result of these mixed sentiments spread and technical movements with the Union currency trading around 1.2702 recording a high of 1.2763 and a low of 1.2648 with a resistance at 1.2900 and a support at 1.2570, knowing that the pair may start to plunge according to the one-hour stochastic oscillator.

Same for the pound-dollar pair, it is forecasted to plunge according to the one-hour and four-hour momentum indicators and is presently consolidating with the currencies market as a result of technical movements and varied sentiments, having the royal pound so far trading around 1.5535 recording a high of 1.5596 and a low of 1.5455 with a resistance at 1.5710 and a support at 1.5475.

As for the dollar-yen pair, it is so far plummeting and may probably slip further to the downside according to the one-hour and four-hour momentum indicators with the low-yielding yen trading so far around 84.57 recording a high of 84.88 and a low of 84.39 with a resistance seen at 86.90 and a support witnessed at 83.00.