Majors continuing upside movements

By IBTimes Staff Reporter | August 26 2010 2:19 AM

Majors began yesterday a correction movement, where they continued to supplement its upside movements, as the momentum indicators showed that the majors are trading in an oversold are, and they are facing a strong support levels, which helped currencies to incline yesterday during the Asian session, trying the global investors to gain profit.

Sponsorship Link

The euro rose against the dollar and the Yen during the Asian session in a decline correction 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 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 to decline, and supporting the pair to reflect its movement to 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.