Majors declined today against the dollar taking a correctional move after yesterday's rally on the U.S advanced GDP reading for the third quarter that came in at 3.5% the first expansion in a year. Investor's appetite for risk rose giving the euro and the pound the chance to gain.
The euro dollar pair fell slightly recording a low of 1.4821 and a high of 1.4857, having the euro trading around 1.4835. The pair is having a resistance at 1.4880 along with a support at 1.4785. The pair is expected to show further declines according to the one hour stochastic oscillator so it may breach the support and trade near the 1.4730 levels. The euro zone's CPI and unemployment rate will be released today that will affect the pair's trades.
The pound dollar pair declined as well recording a low of 1.6528 and a high of 1.6577, having the royal pound trading around 1.6540. The pair is having a resistance at 1.6600 along with a support at 1.6475. If the pair broke the support it will target 1.6410 levels. However, the one hour stochastic oscillator is supporting the upside.
Finally, the dollar weakened against the Japanese yen recording a low of 90.86 and a high of 91.50. The pair is having a support at 90.70 along with a resistance at 90.15. The U.S personal spending and the Uni Michigan confidence index are on queue today and they tend to move the market on release.