Calmness is dominating movements in the currency market on Monday due to the absence of fundamentals from major economies. Still worries are persisting with regard to Greece's ability to get a bailout from the EU ahead of the European Summit this week. The dollar index, which tracks the dollar movements versus a basket of major currencies, slipped to 80.72 from the day's opening at 80.84.
With regard to the euro-dollar pair, it pared some of its losses on the daily charts after gaining momentum from the 4-hour and 1-hour charts. Still, the outlook for the euro is fraught due to the Greek woes ahead if the EU Summit this week where they will determine whether they will help Greece or leave it takes loans from the IMF. The pair is currently traded at 1.3525, recording a high of 1.3546 and a low of 1.3461, where the coming support is seen at 1.3480 and next resistance is at 1.3570.
As for the sterling-dollar pair, it is rising on the daily and 4-hour charts reaching 1.5073 after falling earlier today to a low of 1.4929. The pair failed to stay long under 1.50 psychological level. However, the pound may continue its downside trend that began in December on political and debt woes in addition to the privilege of having a weak pound as mentioned last week by Sentence who said that weaker pound is better for the economy meanwhile as it will boost exports. Today, the pair recorded a high of 1.5076, while it is moving between support at 1.4975 and resistance at 1.5130.
Relative to the dollar-yen pair, it is showing decline on the daily charts after breaching strong support at 90.34 which represents 38.2% Fibonacci retracement to the upside trend that started in December. Currently, the pair is traded at 90.12, hitting a high of 90.76 and a low of 89.81, whereas support is seen at 90.00 then 89.80 while resistance is at 90.60 then 90.90.