The U.S. dollar slipped against a basket of major currencies on Friday ahead of U.S. retail sales and confidence reports. Retail sales are expected to show decline in February, while Michigan confidence to show improvement. The dollar index plunged today to 79.80 from the day's opening at 80.25 after breaching strong support at 80.07 which may open the door for further decline till getting support at 78.80.
With regard to the euro-dollar pair, it is inclining on the daily charts with upside movements on 4-hour charts on expectations Greece will receive 55 billion euros from the EU. In addition, European industrial output released today rose to the highest in 20 years in January, giving another boost to the 16-nation currency. However, the euro stopped its rally when it approached resistance at 1.3800 where it is currently traded at 1.3779. The pair recorded a high of 1.3796 and a low of 1.3667, where the coming support is seen at 1.3670 and next resistance is at 1.3835.
As for the sterling-dollar pair, it is showing incline on the daily and 4-hour charts in the absence of fundamentals from the U.K. today. Meanwhile, the pair is traded at 1.5156, recording a high of 1.5171 and a low of 1.5023, while it is moving between support at 1.5035 and resistance at 1.5215.
Relative to the dollar-yen pair, it is declining on the daily charts for the second day but getting 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 90.39, hitting a high of 90.73, and a low of 90.15, whereas support is seen at 90.00 while resistance is at 91.20.