Pairs consolidating on technical movements and forecasts…

By @ibtimes on

So far the major pairs are narrow trading on technical movements and as it is forecasted that the European Central Bank will increase its borrowing costs after raising its target lending rate tomorrow, which helped the euro to reach its highest level against the dollar in more than 14 months throughout the day while that there's a lack of fundamentals being released from the world's leading economy today.

As a result mainly of the current technical movements the euro-dollar pair is consolidating but may start to fall to the downside according to the one-hour and four-hour stochastic oscillator, having the Union currency trading so far around 1.4326 recording a high of 1.4349 and a low of 1.4206. The trading range for today is among the key support at 1.4160 and the key resistance at 1.4500.

As for the pound-dollar, it is narrow trading as mixed sings are detected throughout the momentum indicators at different time scales to watch the royal pound trade so far around 1.6319 recording a high of 1.6362 and a low of 1.6255.The trading range for today is among the key support at 1.6200 and the key resistance at 1.6530.

Now, turning to the dollar-yen pair, it is consolidating so far and is forecasted to start slipping to the downside according to the one-hour momentum indicators with the low-yielding yen now trading around 85.26 recording a high of 85.52 and a low of 84.82. The trading range for today is among the key support at 83.90 and the key resistance at 87.85.

Join the Discussion