Today the focus in the European marketsis on the European Union finance ministers meeting in Spain to discuss the current fiscal position in the euro zone, as a result of this, investors are seeking safer yielding currencies, which supports the dollar versus major higher-yielding currencies. The Dollar Index, which measures strength of the dollar versus six major currencies, is currently inclining, trading at 80.61 while recording a high of 80.73 and a low of 80.42.
The euro is tumbling against the dollar and heading for the second week of decline as a result of worries around the currency and Greece's fiscal position despite the EU and IMF providingof 45 billion euros to support in narrowing the highest budget deficit in the euro zone. The EUR/USD is currently trading at 1.3540 between the support of 1.3500 and the resistance of 1.3590 while recording a high of 1.3581 and a low of 1.3513. The volume indicator on the one-hour chart is showing us there is low volume in the markets.
The pound like the euro is depreciating ahead of the EU finance ministerscause when investors are risk averse, they avoid higher yielding currencies which therefore weighs on the strength of the pound. The pound dollar pair is currently trading at 1.5435 above the support of 1.5380 and below the resistance of 1.5500 while recording a high of 1.5479 and a low of 1.5365. The momentum indicators on the four-hour charts are showing a sideways wave while the volume indicator on the one-hour chart is providing us with low trading in markets.
The USD/JPY is currently trading at 92.78 between the support of 92.15 and the resistance of 93.20, the momentum indicators are providing us with an upwards trend after the pair fell heavily and was trading in an oversold area while recording a high of 93.13 and a low of 92.51.