Majors witnessed tight ranges during the Asian session by the beginning of the week, as volatility is increasing since the end of this year is approaching, in addition to the split in the European Governments' decisions concerning how to face the European financial crisis. On the other hand, the American dollar is still waiting for the retail sales index that will be released tomorrow by the U.S. economy that will show the American consumer behavior during the holiday season.
The euro against the dollar traded in a narrow range during the Asian session, and now it trades around the 1.3195 level recording the highest at 1.3304 and the lowest at 1.3181. The European currency faces a support at 1.3120 which support the upside movement of the pair. The daily momentum indicators show the pair getting closer to an oversold area, while the four hours indicators may push the pair to the upside.
The British pound also traded in a narrow range against the dollar, where now the pair trades around the 1.5785 level recording the highest at 1.5805 and the lowest at 1.5776. The pair now faces a resistance at 1.5840, while the momentum indicators show the pair in an overbought area.
The dollar/yen pair rose sharply during today's Asian session where now it trades around the 84.11 level recording the highest at 84.15 and the lowest at 83.89. Momentum indicators give signs that show the pair is trading in an overbought area.