The European common currency has is trading near the lowest level since mid September amid speculations Portugal is under pressure to get a bailout.

Rumors increased that France and Germany will put pressure on Portugal to accept a rescue fund from the EU and IMF due to the inability of the Portuguese government to raise capital.

Today, the Handelsblatt newspaper said Germany may relax its opposition to expanding the 750 billion-euro package before the coming summit in February.

The German Chancellor Angela Merkel before that it does not agree to expand the euro rescue fund and debt-plagued economies should rely on themselves in solving their own fiscal problems rather then waiting for help.

Yet, the euro managed to rebound against the dollar after four consecutive sessions of decline after entering an oversold area, as depicted by the Stochastic Oscillator momentum indicator.

The pair is currently trading at 1.2935 after recording a high of 1.2938 and a low of 1.2871, while the trading range for this week is among the key support at 1.2650 and the key resistance at 1.3080.

On the other hand, the dollar dropped against a basket of major currencies, as depicted by the dollar index, after touching a high 81.28 to drop to a low 80.98, where it is currently trading 81.00.

Moving to the royal pair, it inclined on the daily and 4-hour basis in the absence of fundamentals today, ahead of BoE's rate decision this week.

The royal pair is currently trading at 1.5527 after recording a high of 1.5568 and a low of 1.5473, while the trading range for this week is among the key support at 1.5200 and the key resistance at 1.5775.

With regard to the dollar-yen pair, it is currently trading near the day's opening level at 83.20 after reaching a high of 83.27 and a low of 82.92.

The trading range for this week is among the key support at 81.05 and the key resistance at 84.25.