After the dollar yesterday dropped close to a 15-month low, today it is rebounding as it was oversold so technically it had to start rising based on correctional movements. Also from major economies data was deadbeat therefore reduced demand for higher yielding assets especially as the stock market is shedding points. The U.S. economy lacked major economic data yet the dollar is lucky rising on the weakness of major currencies.
The euro is tumbling in the markets especially as the euro zone released its ZEW survey showing that regarding economic sentiment it declined and this meant that still confidence in the euro zone was paralyzed from the current economic conditions. The EUR/USD is being traded at 1.4980 while recording a high of 1.5020 and a low of 1.4949, for the pair we see there is a support at 1.4950 and a resistance at 1.5041. The momentum indicators on the one-hour charts are providing us with a sideways wave.
The United Kingdom also released its trade balance showing that it widened which was due to imports and this impacted the pound while also Fitch Ratings said that the economy's credit rating was the most risky out of major economies, and this further weighed on the pound. The GBP/USD is being traded at 1.6724 while recording a high of 1.6787 and a low of 1.6599 as there is currently a support at 1.6694 and a resistance at 1.6819. The volumes indicator on the one-hour charts is showing us there is low volume in the markets.
Although the dollar is rising against major currencies, we see it declining versus the yen as the pair is being traded at 89.82 while recording a high of 90.17 and a low of 89.67. The momentum indictors on the one-hour charts are providing us with a downwards wave, there is currently a support at 89.67 and a resistance at 90.09.