Today, majors witnessed a calm trading against the Yen and the greenback, to revert to rise slightly to compensate for the losses incurred before. Meanwhile, the fears are still over the strength of the global economy, which is faltering, which lowered investors' appetite for risk and pushed them towards safer heaven like Yen and dollar.
The euro rose slightly against the dollar during the Asian session. Meanwhile the pair recorded today a high of 1.2660 and a low of 1.2631, and now is trading around 1.2645. The pair is trading in an oversold area according to the four hours and daily momentum indicators, which might weaken its downside movement seen now. During its decline the euro will face a support at 1.2600.
Yesterday, the pound witnessed a significant decline against the dollar during the Asian session, and today the pair rose slightly, which is recording a high of 1.5442 and a high of 1.5398, and now the pair trades around 1.5420. The daily momentum indicators show the pair is trading within and oversold area. The pound has broken the 1.5520 support, which prevented the pair from extending its downside movement. If the pair breaks the 1.5400 level, then it will face the 1.5325 level.
Turing to the dollar/yen pair which rose today, after recorded a low of 83.58 yesterday. Today the pair is recording a low of 84.49 and a high of 84.15, and now it trades around 84.30. The daily and four hour momentum indicators support the pair upside movement, which be pushed towards the support 84.87.