Germany’s consumer confidence pushed the euro higher

By @ibtimes on

The common shared currency in the European Union traded higher today, to eight-week high on Germany's data that showed better than expected rise in confidence during the month of January.

The euro gained against 15 out of 16 major counterparts, on speculation that EU leaders will provide markets with a sustainable and efficient plan to tackle the debt crisis.

The US dollar index, which tracks the performance of the dollar against six-major currencies, traded lower at 78.62, compared with the opening levels of 78.71 while currently, the index reached a high of 78.86 and a low of 78.43.

The euro ascended and breached the resistance at 1.3505, where it's currently trading at 1.3546. The pair set the highest at 1.3566 and the lowest at 1.3447.

The pair's path is opened to target 1.3670 levels, which requires stability above the breached support levels.

The pound traded higher after retail sales data dropped in December, the GBP/USD is trading at 1.5949, in attempt to breach the resistance at 1.5950, the pair managed to set the highest at 1.5961 and the lowest at 1.5885.

The pound's trading is calm, where the pair will remain bounded by the support at 1.5880 and the resistance at 1.6058.

As for the dollar's trading against the Japanese yen, the pair dropped slightly from the opening levels of 82.97, where it dropped to trade at a low of 82.64 before setting a high of 83.09 while currently it's trading at 82.71

The pair's trading will remain bounded by the support at 82.00 and the resistance at 83.00.

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