Consolidated dollar and narrow movements…

By @ibtimes on

So far, pairs are consolidating and the dollar is narrow trading throughout the currencies market as a result of today's mixed data reported from the world's leading economy.

If truth be told, the country's Initial Jobless Claims of February 20 inclined to 496 thousand and the Continuing Claims of February 13 rose to 4617 thousand, indicating that the change in the number of people filing for unemployment benefits in the previous week is inclining and that the labor market deterioration is worsening, while that Durable Goods Orders of January inclined cheerfully to come in at 3.0%.

However, the Japanese currency refuge appeal has been strongly boosted on a daily base to actually have the yen climb to a one-year high against the euro as fears are created on concerns that Greece's credit ratings may be downgraded.

As a result, the euro-dollar pair is inclining as the Union currency is advancing in front of the dollar in a correctional wave to actually trade at 1.3538 recording a high of 1.3547 and a low of 1.3449 with a resistance at 1.3650 and a support at 1.3430, knowing that the pair may climb further to the upside according to the four-hour stochastic oscillator.

As for the pound-dollar pair, it is narrow trading so far, having the royal pound trading recently at 1.5248 recording a high of 1.5420 and a low of 1.5187 with a resistance at 1.5345 and a support at 1.5205, having in mind that the pair shows a strong tendency to climb to the upside according to the one-hour and four-hour momentum indicators.

Now, turning to the dollar-yen pair, it is recently consolidating between a resistance level at 89.70and a support level witnessed around 87.75, while that the pairis now trading around 88.98 recording a high of 90.31 and a low of 88.78.

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