The 16-nation currency pared its drop against the dollar after Greece asked for activating the EU and IMF 45 billion euros aid to trim the highest deficit in the EU. On the other hand, the dollar index, which tracks the dollar movements versus a basket of major currencies, slipped to 81.62 after touching resistance at 81.90 areas which pushed it to the downside.
With regard to the euro-dollar pair, it rebounded on the daily charts after Greece asked for the aid package to cover its deficit. The announcement came after the rise in Greek bonds and downgrade to Greece by Moody's Investment services.
The euro is facing a challenge in the coming period and may be subject to a further drop; however, it advanced today after the announcement rebounding from an oversold area as seen on momentum indicators to correct its fall to one year low and six consecutive sessions of decline against the green currency. Currently, the pair is trading at 1.3300 recording a high of 1.3345 and a low of 1.3200, whereas support is seen at 1.3190 while resistance is at 1.3390.
As for the sterling-dollar pair, it is showing slight decline on the daily charts affected by the lower than estimated GDP figures for the first quarter which showed that the British economy grew 0.2% below forecasts of 0.4%. However, the pair stopped its decline after getting support at 1.5313. Meanwhile, the pair is trading at 1.5360 reaching a high of 1.5396 and a low of 1.5313 while it is expected to move between support at 1.5330 and resistance at 1.5380.
Relative to the dollar-yen pair, it is inclining on the daily and 4-hour charts where the pair is heading towards cluster resistance at 93.76. The pair is currently trading at 93.57 after reaching a high of 93.62 and a low of 93.29, whereas support is seen at 92.80 while resistance is at 93.40.