The dollar did a downside correction after rising for two days versus a basket of major currencies as indicated by the dollar index which slipped to 75.37 from the opening at 75.65. Meanwhile, there is optimism after the euro zone has emerged from recession tracking the U.S., but things may change after the release of U.S. data later on today.
As regards to the euro-dollar pair, it is showing incline on the daily charts and 4-hour charts after the euro area has left recession, recording 0.4% expansion in the third quarter. The pair is doing an upside correctional movement to yesterday's drop. The pair is currently traded at 1.4885 recording a high of 1.4901 and a low of 1.4831, while the coming support is at 1.4856 and resistance at 1.4890.
As for the sterling-dollar pair, it is inclining on the daily and 4-hour charts after South Korea had shown its interest in purchasing assets in HSBC. The pound pared most of Wednesday's losses when the pound slipped after King's announcements. So far, the pound is trading at 1.6696 setting a high of 1.6701 and a low of 1.6569; while the coming support for the pair is seen at 1.6665 and the resistance is spotted at 1.6714.
With regard to the dollar-yen pair, it dropped on the daily and 4-hour charts after hitting resistance at 90.28. Now, the pair is trading around 89.75 after hitting a high of 90.41 and a low of 89.66; while the pair is currently facing the coming support level at 89.65, while the resistance is spotted at 89.85.