The week started offwith thin trading amid the absence of data from major economies. The U.S. dollar slipped slightly against a basket of major currencies, as indicated by the dollar index, which plunged to 75.38 from the opening at 75.44. The dollar is coming close again to 14-month low.
The euro-dollar pair traded with a slight upside bias seen over daily charts. However, on the 4-hour and 1-hour charts itis declining. The pair is moving in an overbought area according to the Stochastic Oscillator momentum indicator, which may refer to a possible downside correction. The pair is now traded above the important psychological level at 1.5000. The data released today, shows a decline in German confidence for the first time in a year. Meanwhile, the euro is traded at 1.5010 recording a high of 1.5061 and low of 1.4980, where the pair is supported by 1.5000 then 1.4980 and faces the coming resistance of 1.5040.
The sterling-dollar pair showed a slight incline on the daily charts, after the tremendous drop of Friday, which occurred after the disappointing GDP for the third quarter. On the 4-hour and 1-hour charts, the pair is declining. So far, the pound is trading at 1.6337, setting a high of 1.6347 and a low of 1.6248; while the coming support for the pair is seen at 1.6303 and the resistance is spotted at 1.6375.
The dollar-yen pair showed a downside tendency over daily basis and the 4-hour charts. The pair declined towards the strong support at 91.71, which represents 38.2% Fibonacci retracement level to the downside trend that started on August 10. Now, the pair is trading around 91.92, after hitting a high of 92.19 and a low of 91.55; while the pair is currently facing the coming support level at 91.71, while the resistance is spotted at 92.10.