The pound and euro advance today as U.K. consumer confidence inclined and after Greece announced a 4.8 billion euros budget deficit cut. Higher-yielding currencies started to recuperate from their strong decline witnessed in February. On the other hand, the dollar index, which tracks the dollar movements against a basket of major currencies, slipped for the second day to 80.25 from today's opening at 80.45.
With regard to the euro-dollar pair, it is showing incline for the second day on the daily charts boosted by the serious step taken by Greece to cut deficit by 4.8 billion euros through using austerity measures. The euro is trying to do an upside correction to recoup losses incurred in the last period. Tomorrow, ECB members will meet to set the interest rate and announce their scale back to stimulus after ending 12-month and 6-month tenders. Now, the pair is traded at 1.3639 after reaching a high of 1.3673 and a low of 1.3590, where the coming support is seen at 1.3585 and next resistance is at 1.3670.
As for the sterling-dollar pair, it is showing a rise on the daily charts after U.K. consumer confidence surged in February to a two-year high and services expanded at the fastest pace in three year. The pair is trying to reverse its bearish direction that started since mid November near the lowest level in nine months against the green currency. The pair is currently traded at 1.5050, breaching the 1.50 strong resistance level and recording a high of 1.5074 and a low of 1.4956, while it is moving between support at 1.5000 and resistance at 1.5085.
Relative to the dollar-yen pair, it is showing decline on the daily charts, but it may rebound from an oversold area as indicated by the Stochastic Oscillator momentum indicator. The pair is currently traded at 88.68, hitting a high of 88.99, and a low of 88.45, whereas support is seen at 88.50 then 88.20 while resistance is at 88.80 then 89.30.