So far, major pairs are narrow trading due to strong technical movements after that the green Benjamin dropped considerably in the EU session throughout the currencies market as the U.S. economy released its University of Michigan confidence which we saw decline to 66.0 from the previous 70.6 and worse than the expected 71.0, which did not support accordingly the nation's currency.
As a result, the dollar index, which tracks the strength of the dollar in front of a basket of currencies, is so far narrow trading at 75.18 recording a high of 75.69 and a low of 75.13.
Consequently, the euro-dollar is consolidating and forecasted to plunge according to the four-hour and one-hour stochastic oscillator, having so far the Union currency trading at 1.4924 recording a high of 1.4938 and a low of 1.4822 with a resistance at 1.4964 and a support at 1.4876.
Furthermore, the pound-dollar pair, is narrow trading as a result of the technical movements taking place within the currencies market, having the pound trading at 1.6684 recording a high of 1.6704 and a low of 1.6569 with a resistance at 1.6726 and a support at 1.6644, knowing that the pair shows a strong tendency to slip to the downside according to the four-hour momentum indicators.
As for the dollar-yen pair, it is consolidating presently between a strong resistance level witnessed at 89.90 and a support level detected at 89.34, having in fact thepair trading so far around 89.59 recording a high of 90.41 and a low of 89.44.