This week's trading starts with softness for the US dollar amid tight ranged trading today in European trading and into the American session. Lack of major fundamentals provided this smooth sail, while eased woes over Greece and Dubai debt troubled managed to support risk in markets providing higher yielders with more shine.
The euro managed to set its highest today at 1.3704 rising of lows at 1.3623; we witnessed steady trading among the 1.3670 support and 1.3715r resistance with a slight upside bias. According to the technical analysis, we can witness dips fro now and then over intraday basis yet in general we expect a bullish move for the euro this week, as far as trading is steady above 1.3480.
Sterling versus the dollar was trading in a range that did not extend beyond the low at 1.5110 and the high at 1.5194. The pair is currently trading mid range among the highest and lowest recorded among the support at 1.5100 and resistance at 1.5175; if sterling managed to consolidate above the aforesaid resistance, then it would likely extend higher towards 1.5230 yet overbought signals on intraday momentum indicators might cause high volatility with downside correction potential, especially if the pair failed in stabilizing above the mentioned resistance.
As for the USDJPY pair, it is also trading within a very tight range. The pair today has been trading within 90.13 and 90.67. The dollar managed to advance versus the yen in the past period as the risk appetite strengthened in the market especially as Greece fears eased and the unexpected drop in US unemployment rate. Nonetheless, today with the dollar's softness the yen managed to limit some of its losses, yet trading is still tight among 90.10 support and 90.45 resistance with a clear bias in favor of the Japanese yen.