The 16-nation currency is struggling to advance for the second day as despite the introduced measures by the EU there are fears that stricter financial regulations may shave economic growth.
On the other hand, the dollar index, which tracks the dollar movements versus a basket of major currencies, recovered its earlier losses after rebounding from support at 85.97. Meanwhile, it is consolidating after mixed data released from the U.S. today.
With regard to the euro-dollar pair, it is steady where the pair pared its earlier incline as it was pressured from the decline on the 4-hour and 1-hour charts. The pair halted its rise as it touched strong resistance at 1.2450, while it is currently trading at 1.2355. Some analysts expect the euro to remain under pressure due the mounting debt concerns spreading across the euro area. Earlier today, the pair reached a high of 1.2452 and a low of 1.2280, whereas for the rest of the day the pair is predicted to move between support and resistance at 1.2290 and 1.2420 respectively.
As for the sterling-dollar pair, it is showing decline on the daily and 4-hour charts, after a wave sideway movements over the past few sessions where the pair has failed to remain below support at 1.4334. Meanwhile, the pair is trading at around 1.4525, recorded a high of 1.4610 and a low of 1.4488, while it is expected to move between support at 1.4470 and resistance at 1.4600.
Relative to the dollar-yen pair, it is showing slight decline on the daily chart, where it is currently trading at 91.00. The breach of support at 90.34 yesterday helped the pair to advance today to a high of 91.40 but it fell from there to a low of 90.82, while support is seen at 90.70 while resistance is at 91.60.