The European common currency advanced against its major counterparts, but with some cautions, on hopes European leaders would reach a plan to help Greece avoid default.

Now, there are some hopes that European leaders can reach a plan to pass the second bailout for Greece to avoid default. European leaders will meet on July 21 for the second time this month to discuss the Greek rescue fund after debates regarding private-sector participation in the Greek debt.

Despite the euro's rise, especially against the US dollar, there are some suspicions from investors that the Summit may not produce something new.

On the other hand, the dollar showed weakness for the second day, as depicted by the dollar index which fell to a low of 74.76 compared with the day's opening level of 75.15.

Concerns regarding a possible default to the world's largest economy eased after the introduction of a new plan Democratic and Republican Senators late on Tuesday.

Later in the day, U.S. existing home sales report is expected to show 1.9% advance in June compared with the prior 3.8% drop.

Optimism regarding the resolve of US and European debt woes boosted stocks and lowered demand on gold.

With regard the euro-dollar pair, it is currently trading at 1.4220 where it is pushed down by resistance at this level. The pair has recorded a high of 1.4239 and a low of 1.4131, whereas the trading range for today is among the major support at 1.3910 and the major resistance at 1.4325.

Moving to the British pound versus the dollar, it is showing a slight rise to trade at 1.6128, where the trading remains around strong resistance at 1.6155.

The pound pared its earlier drop as the weakness in the dollar pushed the pair up. BoE minutes for July's rate decision were released today showing no change in voting from June.

So far, the pair has recorded a high of 1.6147 and a low of 1.6067, whereas the trading range for today is among key support at 1.5880 and key resistance at 1.6310.

Concerning to the dollar-yen pair, it is showing decline on the daily basis, where the pair is hovering around 78.85 while it opened the day at 79.17, whilst the high was recorded at 79.31 and low is at 78.70.

The trading range for today is among key support at 77.45 and key resistance now at 80.65.