The European common currency advanced against the dollar for the fourth consecutive session, reaching two-week high, after successful bond selling in France and Spain which showed strong demand and decline in yield.

Still, the main focus is on European auctions to see the ability of euro area nations to raise money to repay debt. So far, auctions from euro area nations this week are satisfying.

France sold 7.965 billion euros of medium-term bonds, where it auctioned 2014 bonds with a yield of 1.05%, lower than the prior auction's yield of 1.58%. The selling for the 2015 bills reached 1.575 billion euros with a borrowing cost of 1.51% compared with 2.44% reached at November's auction. Also, 3.249 billion euros of 2016 securities were sold at 1.89% yield, down from 2.82% at November's auction.

The Spanish government managed to sell 6.61 billion euros of debt maturing in 2016, 2019 and 2022, exceeding the target of 4.5 billion euros. The yield on the 10-year securities fell to 5.403% compared with 6.975% at November's auction.

Moreover, Greece will resume talks for the second day with private sector debt holders after the halt of the negotiations on January 13, to reach an agreement over the size of losses to be bared by creditors to avert a possible default as early as in March. One finance ministry official said yesterday a deal could be reached with creditors by the end of the current week.

Concerning the EUR/USD pair, it rose for the fourth day to trade around 1.2900 after recording a high of 1.2912 and a low of 1.2837.

The trading range for today is among the major support at 1.2665 and the major resistance at 1.3005.

Moreover, the dollar index, which tracks the dollar movements versus a basket of major currencies, fell on the daily basis due the improvement the sentiment to touch a low of 80.23 compared with the day's starting level of 80.49.

Moving to the GBP/USD pair, it rose on the daily charts, following the general trend in the market amid the absence of data from the U.S. and before the release of important U.S. economic reports.

The pair is currently hovering around 1.5445 while recording a high of 1.5458 and a low of 1.5413, while the trading range for today is among key support at 1.5230 and key resistance at 1.5630.