The euro and the pound continued to gain on correction movements in today's Asian session, despite the euro zone's final GDP reading yesterday showed that contraction deepened and pessimism was spread in the currencies market on concerns about the strength of recovery. The USDIX declined recording a low of 75.98 and a high of 76.41.
The euro dollar pair inclined recording a high of 1.4773 and a low of 1.4704, having the 16 nation's currency trading around 1.4760. The pair fell slightly yesterday after the euro zone's final GDP reading came worse than forecasts showing that contraction deepened which raised concerns about the strength of recovery that may appear to be slowly. The pair is having a resistance at 1.4800 along with a support at 1.4715. The pair may incline further according to the four hour stochastic oscillator. So far, the euro zone's interest rate decision is on queue today that may affect the pair's trades.
As for the pound dollar pair, it gained recording a high of 1.6010 along with a low of 1.5951, having the royal pound trading around 1.6000. The pair is having a resistance at 1.6035 along with a support at 1.5970. If the pair breached the resistance we may see it trading near the 1.6080 levels. The BOE will announce its interest rate decision today that tends to move the market on release. However, the daily momentum indicators are supporting the upside.
Finally, the dollar continued to weaken against the Japanese yen after the yen reached its highest level in eight months yesterday. The pair recorded a low of 88.16 and a high of 88.58. Today the pair is having a support at 88.00 along with a resistance at 88.65. Fundamentals today showed that