The major sentiment detected today throughout overall markets is pessimism as on one hand a gloomy housing report was reported from the world's superpower indicating that the country's recovery may slow down, knowing that the housing starts plummeted more than expected in May to a five-month low as the homebuyer tax credit program expired.
While on the other hand, fears are spread on a global scale today as Europe's sovereign-debt crisis continues on worsening, which could accordingly halt a global recovery from the ongoing economic predicament.
However technical movements are now shaping the currencies market to have most of the major pairs narrow trading, for instance the euro-dollar pair is now narrow trading to have the Union currency so far trading around $1.2304 recording a high of $1.2353 and a low of $1.2253 with a resistance of $1.2385 and a support of $1.2215 , knowing that the pair shows mixed signs on the four-hour and one-hour momentum indicators forecasting therefore that the pair will remain on consolidating throughout the coming hours.
As for the pound-dollar pair, it is now narrow trading between a resistance level at $1.4930 and a support level at $1.4770 since mixed signals are witnessed throughout the momentum indicators at different time scales, having so far the royal pound trading at $1.4810 recording a high of $1.4854 and a low of $1.4747.
Now, turning to the dollar-yen pair, it is consolidating on the four-hour chart as well, since the yen paired gains against the dollar throughout the day to have the pair trading so far around 91.32 recording a high of 91.82 and a low of 91.07 with a resistance at 92.90 and a support at 90.60.