Trading in the FOREX market today is moving within narrow range ahead of the important U.S. new home sales and durable goods orders reports. The Japanese yen strengthened against majors, while the U.S. dollar slightly changed against a basket of major currencies as indicated by the dollar index which is now at 78.24 compared with yesterday's closing at 78.29.
As regards to the euro-dollar pair, it is showing an incline on the daily charts, while it is declining on the 4-hour and 1-hour charts. Germany released today its IFO confidence reaching its highest in 8 months. The euro inclined against the dollar after the news on signs the economy is recovering. Meanwhile, the euro is traded at 1.4315 recording a high of 1.4349 and low of 1.4278, where the pair is close to the support level of 1.4275 and faces the coming resistance of 1.4320.
As for the sterling-dollar pair, it is also showing a slight decline tendency over the daily charts, whereas on the 4-hour charts, the pair is moving in an oversold area according to the Stochastic Oscillator momentum indicator. Today there are no fundamentals from the U.K. and therefore movements are expected to be merely technical. So far, the pound trading at 1.6313 setting a high of 1.6352 and a low of 1.6290; while the coming support for the pair is seen at 1.6262 and the resistance is spotted at 1.6335.
With regard to the dollar-yen pair, it is showing a decline on the daily charts, while it is consolidating on the 4-hour and 1-hour charts. The yen strengthened today, despite the upbeat confidence in the U.S. yesterday and IFO in Germany today, on correctional movements. Now, the pair is trading around 94.05 after hitting a high of 94.30 and a low of 93.85; while the pair is currently facing the coming support level at 93.90, while the resistance is at 94.17.