The Asian session was characterized by quite movement within the currencies markets, as the US dollar continued to show some strength against major currencies since demand on this low yielding currency widened since many favored risk aversion, especially after growing debt problems in the European region.
The euro was weak against the dollar during the Asian session today, continuing to trade near its lowest level in three months against the greenback around 1.4345. today's trading might be weak because both Europe and the US lack the release of any important economic data. In addition to the holiday season which already began and which contributes into lowering the trading volume within the financial markets. The euro is trading above the support level 1.4300, and if breached it will open the way to the pair to reach the first target at 1.4120. The pair recorded today the highest of 1.4358 and the lowest of 1.4316.
The sterling movement was somehow similar to the euro during the Asian, as it settled around 1.6140. The pound now faces some upside pressured from its four hours momentum indicators in addition to trading above the support level 1.6040, which pushes the pair to perform a slight upside correction, yet without significant momentum. The pair recorded today the highest of 1.6163 and the lowest of 1.6119.
Also the Japanese yen had limited volume today, thereby the pair did not have enough strength to follow a certain path, so it traded around the level 90.40. The pair may find itself trapped in a tight rage between the support level 88.70 and the resistance 91.10. The pair recorded today the highest of 90.57 and the lowest of 90.23.