The European shared currency snapped its earlier advance after lower-than-expected German report while the US dollar rebounded on hopes debt ceiling problem would be resolved.

Yesterday and in the Asian session trading, the euro advanced against majors after European leaders announced measures that are expected to ease the spread of debt contagion in the 17-nation region.

European leaders agreed to provide Greece 159 billion euros in new aid, while expanding the scope of the European Financial Stability Facility (EFSF) to be allowed to provide credit lines for struggling nations.

The announced measures boosted optimism in markets causing stocks to advance and safe haven assets to retreat.

Yet, the euro pared its earlier advance after the release of a report showed that German business confidence fell below expectations in July. Business climate indicator dropped to 112.9 in July from the previous reading of 114.5. The downbeat report had slight effect directly after its release then the euro started to drop.

On the other hand, the dollar rebounded against a basket of major currencies, as depicted by the dollar index which rebounded to 74.05 after falling to a low of 73.88 earlier today.

The dollar surged on reports showing that the White House will raise U.S. debt ceiling and reduce budget shortfall by nearly $3 trillion over the coming 10 years.

With regard the euro-dollar pair, it is currently trading at 1.4403 after recording a high of 1.4438 and a low of 1.4380, whereas the trading range for today is among the major support at 1.4150 and the major resistance at 1.4565.

Moving to the British pound versus the dollar, it is showing a slight decline to trade at 1.6317, where the pair advanced yesterday after the breakout of strong resistance at 1.6155.

So far, the pair has recorded a high of 1.6339 and a low of 1.6269, whereas the trading range for today is among key support at 1.6075 and key resistance at 1.6550.

Concerning to the dollar-yen pair, it is showing slight incline on the daily basis, where the pair is hovering around 78.44 while it opened the day at 78.31, whilst the high was recorded at 78.31 and low is at 78.20.

The trading range for today is among key support at 77.10 and key resistance now at 79.80.