So far the major pairs are narrow trading throughout the currencies markets as a result of technical movements taking place and shaping overall trading although within the prior EU session the green Benjamin plummeted to a 7-month low against the yen after that it was reported that June's US ISM Manufacturing plummeted to 56.2, which indicates that the world's leading economy's revival process may be slowing.
Plus, more Americans unexpectedly applied for jobless benefits last week with the country's Initial Jobless Claims rising to 472 thousand for June 26 and the Continuing claims for June 19 climbing up actually to 4616 thousand, confirming that the labor market recovery may be slowing, while on the EU soil funding pressures on Europe's financial institutions are easing.
However, present technical movements made the euro-dollar pair narrow trade so far around $1.2439 recording a high of $1.2484 and a low of $1.2191 with a resistance shown at $1.2500 and a support level seen at $1.2270, knowing that the pair shows a tendency to start plunging according to the one-hour and four-hour stochastic oscillator scales.
As for the pound-dollar pair, it is slightly inclining but forecasted to slump according to the momentum indicators at different time scales, having the royal pound so far trading around $1.5107 recording a high of $1.5166 and a low of $1.4870 along with a resistance level detected at $1.5180 and a support level witnessed around $1.4770.
Now, despite the fact that the U.S currency dropped to a 7-month low against the yen earlier, technical movements permitted the dollar-yen pair to consolidate currently to trade so far around 87.62 recording a high of 88.55 and a low of 86.95 with a resistance at 89.30 and a support at 86.90, while the pair shows a tendency to start climbing to the upside according to the one-hour momentum indicators and since the positive pressures from the momentum indicators will continue pushing the pair to the upside.