Majors began yesterday a correction movement, where they continued to extend their upside movement, as the momentum indicators showed that majors are trading in an oversold area, and now they are facing some strong support levels, which helped currencies to incline yesterday, as investors locked on their profits following the previous decline.
The euro rose against the dollar and the Yen during the Asian session in a correctional movement to reach a support at 1.2600. Meanwhile the euro/dollar recorded today a high of 1.2717 and a low of 1.2649, and now is trading around 1.2709. The pair is trading in an oversold area according to the four hours and daily momentum indicators, which is supporting the pair to reach resistance at 1.2780.
Yesterday, the pound rose against the dollar during the Asian session, and today the pair continues its upside movement, recording a high of 1.5562 and a low of 1.5466, and now it trades around 1.5547. The daily momentum indicators show the pair is trading within and oversold area. The support at 1.5360 stopped the pair from extending its decline, inverting its movement to the upside, facing a resistance at 1.5580.
Turing to the dollar/yen pair which rose today, recording a low of 84.61 and a high of 84.87, and now it trades around 84.76. The daily and four hour momentum indicators support the pair upside movement, which might be pushed towards the support 84.80.