Tranquility prevailed in currency market as holidays and lack of fundamentals from major economies affected movements in markets, where many Asian markets are closed for the Lunar New Year holiday, while U.S. markets are also closed for Presidents Day. However, the main focus today is on the EU finance ministers' meeting in Brussels, where they will introduce measures to bailout Greece. The dollar index, a gauge of the dollar's movement versus a basket of major currencies, lingered at 80.30 from the day's opening at 80.31 after reaching a high of 80.51 and a low of 80.23.
With regard to the euro-dollar pair, it is showing a slight decline on the daily charts to continue the bearish direction that started since the beginning of December. The euro is currently traded near the lowest level in 9 months versus the green currency as investors are wary of buying the euro on fears that EU officials' efforts to rescue Greece may fall short. Meanwhile, the pair is traded at 1.3614 after reaching a high of 1.3633 and a low of 1.3577, where the coming support is seen at 1.3505 and next resistance is at 1.3635 then 1.3675.
As for the sterling-dollar pair, it is also declining slightly on the daily charts, extending its downside trend that started since mid November. The pair is standing at the neckline of a bearish pattern formed on the weekly charts. The pair is now traded at 1.5672, recording a high of 1.5688 and a low of 1.5610, while it is moving between support at 1.5555 and resistance at 1.5765.
Relative to the dollar-yen pair, it declined on the daily charts, while showing slight incline on the 4-hour and 1-hour charts, but the yen remains near one-week low versus the dollar. Concerns that China will cool its growth and doubts with regard the EU's ability to salvage Greece are enhancing demand on the yen as a refuge. The pair is currently traded at 89.97, after reaching a high of 90.22 and a low of 89.92, while the support is spotted at 89.75 then 88.75 and resistance is seen at 90.30.