Consolidated pairs and weak dollar…


So far, the major pairs are narrow trading throughout the currencies market ahead of the Christmas holidays and on strong technical movements, however the green Benjamin fell from a three-month high after that the housing data new home sales have been reported and came out gloomy and worse-than-forecasted, boosting concerns around the present economical revival of the world's superpower.

As a result the euro-dollar pair is consolidating so far on technical movements after a prior strong incline of the pair within the EU session, having the euro trading at 1.4347 recording a high of 1.4365 and a low of 1.4232 with a resistance at 1.4386 and a support at 1.4307, knowing that the pair may start plunging according to the one-hour and four stochastic oscillators.

As for the pound-dollar pair, it is narrow trading as well up till now to actually have the royal pound trading around 1.5957 recording a high of 1.5992 and a low of 1.5922 with a resistance at 1.6066 and a support at 1.5831, having in mind that the pair shows a strong tendency to rise to the upside according to the four-hour momentum indicators.

Now, turning to the dollar-yen pair, it is so far consolidating between a resistance level at 92.58 and a strong support level witnessed at 90.79 as mixed signs are detected throughout the momentum indicators at different time scales, having the low-yielding yen currently trading at 91.57 recording a high of 91.86 and a low of 91.29.

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