The green currency slipped today to its lowest level against a basket of major currencies in 2009, surrendering its preceding gains on signs stimulus plans are helping economies to recover which eroded the appeal of dollar as a refuge. European and
As regards to the euro-dollar pair, it is continuing its upside trend after taking a break for two days on the daily charts, according to momentum indicators. Meanwhile, the 16-nation currency is currently traded at the highest level this year versus the federal currency. However, the Stochastic Oscillator is giving a sell signal on the 4-hour charts. Today, there are no fundamentals from the euro area and movements are merely technical. Meanwhile, the euro is traded at 1.4790 recording a high of 1.4820 and low of 1.4669, where the pair is supported by 1.4775 and faces the coming resistance of 1.4820.
As for the sterling-dollar pair, the pair rebounded from an oversold area on the daily charts after falling for six consecutive days. Also, on the 4-hour and 1-hour charts, the pair is showing decline. There is no economic data released today in the
With regard to the dollar-yen pair, it is showing a downside bias on the daily charts after hitting a strong resistance level at 91.95. The pair plummeted after rebounding from the downside trend that started on August 10. Relative to the 4-hour and 1-hour charts, the pair is also showing downside bias. Now, the pair is trading around 91.10 after hitting a high of 92.07 and a low of 90.95; while the pair is currently facing the coming support level at 91.00, while the resistance is spotted at 91.20.