Doubts and Concerns are still dominating financial markets on Wednesday, more in the Currencies trading actually, where we can see traders are growing more concerned whether EU leaders will culminate the two-year old debt-battle with a happy ending, as the Euro-area leader gather in Brussels for the second summit in four days to discuss the debt crisis, how to aid Greece with a second bailout, the recapitalization of banks and leveraging the region's rescue fund.
Meanwhile, the Dollar index which measures the performance of the U.S. dollar against a basket of currencies including the Euro, the Pound, and the Yen, rose from today's opening level of 76.15 to currently trade at 76.43 recording its highest level at 77.66 and its lowest at 75.88.
Gold prices advanced due to growing demand on safe havens, to currently trade at $1719.21 per ounce from the opening price of $1701.13 per ounce. Oil dropped following an increase in crude oil inventories in the past week to reach $91.47 after opening at $92.56 per barrel.
The Euro fell slightly against the US dollar today after opening at $1.3900 as the EURO/USD currently trades around $1.3886, while recording a high of $1.3975 and a low of $1.3798. Accordingly, the pair will be targeting the next support level at $1.3880, while the resistance level remains at $1.3910.
The British Pound eased faintly against the dollar, where the pair is currently trading around $1.5945 after opening at $1.6002 levels, while recording a high of $1.6042 and a low of $1.5890. If the GBP/USD breaches the key support level at $1.5960 then the par be targeting the next support level at $1.5935, however, the $1.5960 remains as the resistance level.
Last but not least, the U.S dollar stepped down before the Japanese Yen at today's trading, after the USD/JPY pair started trading at ¥76.12, while recording the high of ¥76.14 and a low of ¥75.71 and currently trading at ¥76.03. Eventually, the JPY/USD pair will keep on trading within the ¥76.40 resistance level and ¥75.80 support level.