Euro remaining weak…

By @ibtimes on

So far major pairs are narrow trading mainly due to technical movements throughout the US session but the Union currency fell actually on the daily scale from its highest level in more than a year after that the European Central Bank President Jean Claude Trichet proclaimed out publicly that today's interest rate increase may most probably not be the first of a series, boosting the dollar refuge appeal therefore slightly.

However, due to the current technical movements, the euro-dollar pair is consolidating but may start climb to the upside according to the one-hour stochastic oscillator, having the Union currency trading so far around 1.4292 recording a high of 1.4336 and a low of 1.4240. The trading range for today is among the key support at 1.4245 and the key resistance at 1.4500.

As for the pound-dollar, it is narrow trading to watch the royal pound trade so far around 1.6300 recording a high of 1.6343 and a low of 1.6261, having the pair showing a tendency to start falling according to the one-hour and four-hour momentum indicators. The trading range for today is among the key support at 1.6150 and the key resistance at 1.6530.

Now, turning to the dollar-yen pair, it is declining strongly on the daily chart but plunging faintly on the four-hour and one-hour charts but is forecasted to start slipping further to the downside according to the one-hour momentum indicators with the low-yielding yen now trading around 84.92 recording a high of 85.49 and a low of 84.58. The trading range for today is among the key support at 83.90 and the key resistance at 87.85.

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