The euro is climbing in markets against the federal currency; in turn it is hurting the euro zone's exports, since a more expensive currency means curtailed exports. Chairman of the ECB Jean-Claude Trichet, is favoring a weaker euro as a way to boost exports, which would help economic growth in the euro zone. The EUR/USD is being traded at 1.4732 between the support of 1.4698 and the resistance of 1.4764, while recording a high of 1.4741 and a low of 1.4676. Currently the volumes indicator on the one-hour chart is revealing low volume in markets.
Although the dollar is weakening in markets, it still remains vigorous versus the pound but based on technical movements, as the pair is currently trading in an oversold area using the momentum indicators on the one-hour chart. The GBP/USD is being traded at 1.5765, while recording a high of 1.5882 and a low of 1.5727. For the pair, we see there is a support at 1.5707 and a resistance at 1.5813. The moving average indicators are providing us with a downside direction on the one-hour chart as well.