The common currency rose today against its counterparts the American dollar, the Japanese yen and other currencies during the Asian session, after the major economies in Asia pledged to buy European government bonds to support the euro-zone to face the financial crisis during the first quarter of the year. Also the Japanese Finance Minister indicated yesterday that Japan to buy European bonds to support euro area economies.
The shared currency against the American dollar rose during today's trading session, and now the pair trades around 1.3001, recording a high of 1.3015 and a low of 1.2970. On the other hand, the daily momentum indicators show the pair in an oversold area, while the four hours momentum indicators show the pair in an overbought area.
The pound/dollar pair also rose sharply during Asian session, and the pair trades around 1.5634, recording the highest at 1.5657 and the highest at 1.5598, where the pound faces a resistance at 1.5670. The daily and four hours momentum show the pair in an overbought area, which may to impede the pair's upside movement.
The dollar/yen pair dropped during today's session, and now the pair trades around 83.16 level, recording a low of 83.13 and the lowest at 83.35. The daily and four hours momentum indicators show the pair in an overbought area, while the four hours give a selling sings.