The euro versus the dollar is trading below very critical resistance at 1.5135, which is a very strong technical barrier. The euro is still clearly biased to the upside and was supported further by incoming data, ahead of tomorrow's rate decision that directed projections towards a more hawkish stance by the ECB. The euro is still trading around 1.51 areas and screaming in vainto bereleased from the 1.5135 shackle to soar to more bullish targets, which seemingly is in search for a stronger reason to breakout!
The pair traded today within a very tight range, among the 1.5070 support and the 1.5135 resistance mentioned; where the highest was set till now at 1.5109, and the lowest was at 1.5062.
Amid the lack of major news from Europe, and the UK economy, which saw the severity of the contraction in the construction sector continue to ease, which helped sterling to slightly reconcile with the market, and makeup for the heavy endured losses. The pair inclined from its lowest today at 1.6547, to set the high of 1.6680 and trading is still near the latter levels.
Meanwhile, concerning the Japanese yen, statements from the government regarding the need to act on the rapid and continued appreciation of the currency, ignited fears of an actual intervention again; triggering a yen selling wave. Due to the pressures the yen faced, it weakened versus majors and greenback, where the USDJPY pair head to the upside from the lowest set at 86.57 towards the high at 87.38, where the pair continues to trade around at this time and holds further bullish momentum.