Majors tumble on economic recovery fears

The euro is slipping in the markets versus the dollar despite the upbeat data released from the euro zone, which showed that confidence indicators surpassed market expectations, yet the euro is declining on worries that the economic recovery is easing its climb. The euro dollar pair is currently trading at 1.2193 between the support of 1.2100 and the resistance of 1.2300 while recording a high of 1.2290 and a low of 1.2175. Over the four-hour basis, the momentum indicators are showing us that the pair is being traded in an oversold area.

Turning to the pound, we see that it is also declining following the trend of the euro, as once again investors are risk averse, as they are selling higher yielding assets and turning to lower yielding assets, which weighs on the strength of the pound in markets. The GBP/USD is currently trading at 1.5084 while recording a high of 1.5118 and a low of 1.5010, the momentum indicators are showing us that the pair is being traded in an overbought area as we see there is a support at 1.5025 and a resistance at 1.5130.

The yen is rallying as investors are seeking a refuge against the current weak economic recovery, which supports the yen to climb versus the dollar, while the pair is currently trading at 88.70 above the support of 88.00 and below the resistance of 89.25 while recording a high of 89.41 and a low of 88.51.