The dollar reversed its losses against the euro climbing from the 14-month low as currently there is confusion in the markets while investors are starting to wonder how come the federal currency is so weak despite more signs supporting the fact that an economic recovery is taking place in the
Based on the mentioned reasons we see the euro tumble against the federal currency heavily while in the euro zone, we saw that the trade balance surplus seasonally adjusted narrowed and this gave more evidence that the strong is negatively impacting the zone's exports. The EUR/USD is being traded at 1.4912 between the support of 1.4902 and the strong resistance of 1.4970. The pair so far recorded a low of 1.4889 and a high of 1.4966 while the volumes indicator on the one-hour chart is showing us there is weak volume in the markets.
Although the euro is declining in the markets, yet the pound is extending its gain versus the dollar yet not able to breach the resistance of 1.6401 while remains trading above the support of 1.6174 at 1.6315. The GBP/USD recorded a high of 1.6398 and a low of 1.6250 while the momentum indicators on the one-hour chart showed us that as the pair was trading in an overbought area, weakened slightly as it is beginning to form a downwards trend.
The yen continues to lose ground against the greenback while the pair is climbing towards the resistance of 91.90 as there is currently a support at 90.64. The USD/JPY is being traded at 91.12 while recording a high of 91.28 and a low of 90.49 while the momentum indicators here are showing us that the pair is being traded in an overbought area.