The euro is consolidating in today's Asian session, ahead of a report expected to show the German economy shrank in the fastest annual pace in 38 years in December. On the other hand, the pound and the yen still surging against the weakening dollar, since the U.S trade balance yesterday showed a widening deficit, spreading concerns about the strength of recovery.
The euro dollar pair is consolidating recording a low of 1.4455 and a high of 1.4495, having the 16 nation's currency trading around 1.4495. The pair is an attempt to 1.4570 levels, and it is having a resistance at 1.4515 along with a support at 1.4435. Momentum indicators on the daily charts are supporting the upside, so we may see the euro gaining today.
Regarding the pound dollar pair, it inclined recording a high of 1.6207 and a low of 1.6134, having the royal pound trading around 1.6205. The pair managed to breach the 1.6200 level today and it is targeting the 1.6360 levels, and daily stochastic oscillator is supporting the upside, while momentum indicators on the four hour charts saying that the pair is trading in an overbought area. However, the pair is expected to be trading between 1.5960 levels and 1.6240 levels.
Finally, the dollar fell against the Japanese yen to record a low of 90.89 and a high of 91.34, and the pair is currently trading around 91.15. The pair is expected to be trading between a resistance of 93.00 and a support of 90.35, and it is trading in an oversold area according to the daily stochastic oscillator.