The 16-nation currency fell today to the lowest level in two weeks against the dollar on concerns that recovery in the euro zone may falter after growth dropped in the fourth quarter as seen by the report released today. On the other hand, the dollar index, which tracks the dollar movements versus a basket of major currencies, inclined to 81.52 from the day's opening at 91.37 after gaining support at 81.30 levels.
With regard to the euro-dollar pair, it is showing decline on the daily and 4-hour charts, near to key resistance at 1.3481 which represents 61.8% Fibonacci retracement to the upside trend that started in March last year and where the pair has been moving around last week. Still, the outlook for the euro is worrying with worries in Greece and other European debt-ridden economies along with the worrying economic situation especially after today's report which showed that GDP for the fourth quarter slipped to 0.0% from 0.4% in thethird quarter of 2009. The pair is now trading at 1.3363 while recording a high of 1.3407 and a low of 1.3355, where the coming support is seen at 1.3330 and next resistance is at 1.3410.
As for the sterling-dollar pair, it went down on the daily and 4-hour charts after touching strong resistance at 1.5270 levels. Today's data also pushed the pair to the downside after PMI Services for March missed estimates. Meanwhile, the pair is trading at 1.5156 after hitting a high of 1.5284 and a low of 1.5153 while it is expected to move between support at 1.5125 and resistance at 1.5270.
Relative to the dollar-yen pair, it fell today after getting support at cluster resistance at 93.76. The pair inclined again today after correcting from seven-month low last week. The yen remained weak after the BoJ left the interest rate unchanged at 0.1%. Meanwhile, the pair is currently trading at 93.91 after reaching a high of 94.26 and a low of 93.54, whereas support is seen at 93.15 while resistance is at 94.80.