The 16-nation currency is struggling to rebound against the dollar to pare two days of decline. However, it strengthened against the yen and pound after the better-than-estimated growth figures in the euro area. On the other hand, the U.S. slid slightly against a basket of major currencies as by the dollar index which retreated to 84.50 from the day's opening at 84.60 while recording a high of 84.72 and a low of 84.19.
With regard to the euro-dollar pair, it rebounded on the daily charts after the euro fell for two consecutive sessions against the dollar. Meanwhile, there are hopes after the $1 trillion plan announced to provide deficit contagion to spread from Greece to other European nations. However, skeptics that the plan will not able to reduce the deficit are still persisting which is affecting the euro's rebound. Today's data showed that the euro area expanded 0.2% in the first quarter from 0.0% in the fourth quarter which gave an impetus to the euro. The 1999-introduced currency inclined today to 1.2672 after getting support at 1.2600 levels. The pair opened at 1.2660, while it reached a high of 1.2739 and a low of 1.25602. For the rest of the day, the pair is predicted to move between support and resistance at 1.2560 and 1.2665 respectively.
As for the sterling-dollar pair, it is showing on the daily and 4-hour charts, but it stopped its losses after touching support at 1.4850. The royal pound slipped today following the inflation report which showed that there are growth risks which caused skepticism with regard Cameron's deficit cut plan. The pair is currently trading at 1.4867 while earlier today the pair recorded a high of 1.5043 and a low of 1.4834 while it is expected to move between support at 1.4810 and resistance at 1.4930.
Relative to the dollar-yen pair, it is showing an upside rebound on the daily charts after falling yesterday. The yen lost its appeal the upbeat data from the euro zone and stellar earnings by large companies damped demand on the yen as a refuge. The pair is currently trading at 92.95 after hitting a high of 93.25 and a low of 92.43, whereas support is seen at 92.65 while resistance is at 93.30.