In the US session we watch mainly correctional movements taking place for major pairs, where the euro continues to trade higher although with volatile movement as that the Greek Prime Minister Lucas Papademos and coalition party members would most probably fail to agree on terms required for a bailout knowing that there is a lack of data released today from the world's leading economy.
Accordingly, 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, dropped from today's opening level of 78.63 to currently trade at 78.54 recording its highest level at 78.63 and its lowest at 78.43.
The euro rose against the dollar and remains on climbing to the upside as a result of the current optimism that Greece will avoid default. The EUR/USD pair is trading higher around $1.3267 while recording the highest level of $1.3287 and lowest level of $1.3220, knowing that the pair may incline but mixed signs are seen throughout the four-hour and one-hour momentum indicators.The trading range for today is among key support at 1.3045 and key resistance at 1.3415.
As for the British Pound, it is narrow trading on these correctional movements driving the GBP/USD pair to trade around $1.5823 while recording the highest level of $1.5828 and lowest of $1.5795 and is most probably going to remain at consolidated levels as mixed signals are also witnessed on momentum indicators.The trading range for today is among key support at 1.5630 and key resistance at 1.6165.
Finally, the dollar gained versus the Japanese Yen, and the USD/JPY pair trades around 76.05 while recording the low level of 76.17 and high of 76.69.The trading range for today is among key support at 76.10 and key resistance now at 78.30.