As fears over the escalating debt problems in Europe, which could have repercussions on the global economic recovery, investors lost their confidence, and started selling the majors again. The US will release today the S&P/SC composite 20 for April in addition to the consumer confidence for the month of June.
The euro against the dollar traded during the Asian session between the highest of 1.2290 and the lowest of 1.2231. Now the pair is trading around the 1.2235 level, between 1.2300 and 1.2210. EU will release today its consumer confidence index in addition to the economic confidence and the business climate for June. The daily and four hours momentum indicators support the fall of the euro giving clear selling signs. The pair broke the support 1.2240 which may help the pair to reach to the next support 1.2210.
The pound against the dollar traded between the highest of 1.5118 and the lowest of 1.5057. Now the pair is trading around the 1.5064 levels between 1.5040 and 1.5120. The hourly and four hours momentum indicators point that the pair is within an overbought area which support the downside movement. The pair will face now the strong support at 1.5040, and if it breaches this level it will test the next support at 1.5000.
The dollar against the yen traded between the highest of 89.40 and the lowest of 88.60. Now the pair is trading around 88.80 levels between 88.60 and 89.40. Investors started buying the yen as a safe heaven, pushing it to the highest in 7 weeks. The pair now faces the strong support at 88.60, and if it breaches this level it might open the way to 87.40.