So far, major pairs are narrow trading within the currencies market due to strong technical movements and the lack of fundamentals released, while throughout the prior EU session the Union currency was able to rise from a two-month low on optimism spread after that Abu Dhabi pledged to bail out Dubai World.
Consequently, the dollar index, which tracks the strength of the Federal currency in front of a basket of currencies, is consolidating on the four-hour chart, trading at 76.33 recording a high of 76.66 and a low of 76.24.
As a result, the euro-dollar pair is narrow trading presently due to current technical movements taking place but is forecasted to plummet according to the one-hour stochastic oscillator, having the euro trading so far at 1.4650 recording a high of 1.4685 and a low of 1.4596 with a resistance at 1.4676 and a support at 1.4619.
Furthermore, the pound-dollar pair is consolidating so far after that it rose significantly throughout the prior trading session, having the royal pound trading at 1.6307 recording a high of 1.6324 and a low of 1.6188 with a resistance at 1.6357 and a support at 1.6241, knowing that the pair is forecasted to climb to the upside according to the four-hour momentum indicators.
As for the dollar-yen pair, it is narrow trading between a resistance level witnessed at 89.06 and a support level detected at 87.66, having in fact the pair so far trading around 88.63 recording a high of 89.32 and a low of 88.29, knowing that the pair shows a strong tendencyto incline to the upside according to the various-time charts momentum indicators.