The euro rebounded today, paring some of its prior losses, for the first time in four sessions on hopes EU finance ministers in their second-day meeting in Brussels will put measures to bailout Greece. On the other hand, the dollar index, a gauge of the dollar's movement versus a basket of major currencies, slipped near the strong support at 80.07 from the day's opening at 80.36 after reaching a high of 80.41 and a low of 79.95.
With regard to the euro-dollar pair, it stopped its bearish direction that started since the beginning of December, but still near 9-month low versus the dollar. The euro may gain momentum if the decisions made today by EU officials with regard bailing out Greece were satisfying to investors. Moreover, the Zew survey for the euro zone came lower than forecasts but its effect was slight on the euro. Meanwhile, the pair is traded at 1.3649 after reaching a high of 1.3683 and a low of 1.35786, where the coming support is seen at 1.3575 and next resistance is at 1.3670.
As for the sterling-dollar pair, it is also inclining on the daily charts, halting the downside trend that started since mid November. Today, CPI for January exceeded the upper bound set by the BoE for inflation by climbing to 3.5%; however, the impact of the data was slight as it matched median forecasts. The pair is now traded at 1.5700, recording a high of 1.5728 and a low of 1.5652, while it is moving between support at 1.55650 and resistance at 1.5765.
Relative to the dollar-yen pair, it is showing a slight decline on the daily and 4-hour charts. Now, the pair is traded at 89.81, recording a high of 90.07 and a low of 89.69, while it is moving between support at 89.55 then 88.75 and resistance at 90.15 then 90.30.