The green currency and Japanese yen dropped against higher-yielding currencies after EU finance ministers outlined emergency loans for Greece ahead of the FOMC meeting later on today, where the Federal Reserve is predicted to keep the interest rate near zero. The dollar index, which tracks the dollar movements versus a basket of major currencies, slid to 79.96 from the day's opening at 80.21 after breaching strong support at 80.07.
With regard to the euro-dollar pair, it is inclining on the daily charts after gaining momentum from the upside movements on the 4-hour and 1-hour charts when the EU finance ministers said they will provide Greece emergency loans to tackle its budget deficit. However, details of the plan may be announced later on today. In addition, the euro gained support after a report showed that German investor confidence declined lower than forecasts in March. The pair is currently traded at 1.3726, recording a high of 1.3733 and a low of 1.3655, where the coming support is seen at 1.3680 and next resistance is at 1.3770.
As for the sterling-dollar pair, it is also rising on the daily and 4-hour charts in the absence of fundamentals from the U.K. today. Meanwhile, the pair is traded at 1.5153, recording a high of 1.5166 and a low of 1.4975, while it is moving between support at 1.5090 and resistance at 1.5210.
Relative to the dollar-yen pair, it is declining on the daily charts for the third day after breaching strong support at 90.34 which represents 38.2% Fibonacci to the to the upside trend that started in December. Currently, the pair is traded at 90.28, hitting a high of 90.73, and a low of 89.79, whereas support is seen at 90.15 then 89.70 while resistance is at 90.80.