Euro rises on China's pledge to help EU nations

By @ibtimes on

The euro advanced against majors except the franc after China said it took solid measures to help euro area economies to lower their debt crisis.

However, the progress was hindered by Moody's announcement which included possible cutting Portugal's bond rating due to the slowdown in growth.

Also, the ease in tensions between the two Koreas boosted demand for risky assets and lowered resorting to safe havens.

The dollar index, which tracks the dollar movements versus a basket of major currencies, pared some of its gains generated in the previous two sessions as it fell to a low of 80.23 from the day's opening level at 80.55.

Concerning the euro-dollar pair, it showed a slight incline on the daily charts, where the pair got support at 1.3120 to surge to 1.3140.

So far, the pair has recorded a high of 1.3201 and a low of 1.3111, while the trading range for today is among the key support at 1.2965 and the key resistance at 1.3255.

On the other hand, the pound eclipsed part of its drop asdepicted by the 4-hour and 1-our charts after it collapsed following the release of budget deficit data.

British public sector net borrowing deficit reached 22.8 billion pounds compared with the revised 8.6 billion pounds, while difference between cash in and cash out reached 16.8 billion pounds deficit from the revised 1.9 billion pounds.

The royal pair, it is showing some decline on the daily charts after the breach of 1.5580 then 1.5550 support levels which paved the way for the pair to fall to 1.5492.

Meanwhile, the pair has recorded a high of 1.5566 and a low of 1.5451, whereas the trading range for today is among the key support at 1.5315 and the key resistance at 1.5650.

With regard to the dollar-yen pair, it fell for the fourth day yet trying to remain above support at 83.70 critical level, where the pair has recorded a high of 83.79 while the day's low was seen at 83.48.

Meanwhile, the pair is trading at 83.63, whereas the trading range for today is among the key support at 82.80 and the key resistance at 85.95.

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