The euro is consolidating against the dollar in today's Asian session, ahead of fundamentals expected to show retail sales in the U.S inclined and confidence rose. On the other hand, the yen continued to weaken against major currencies especially after a report showed consumer confidence in Japan declined more than forecasts.
The euro dollar pair is consolidating between 1.4740 and 1.4700 recording a high of 1.4734 and a low of 1.4708, having the pair trading around 1.4753. The pair is having a support at 1.4685 along with a resistance 1.4790, and the pair is anticipated to incline according to the one hour stochastic oscillator. If the pair breached the resistance it will target 1.4840, while if it breached the support, it may fall back to the 1.4620 levels.
Regarding the pound dollar pair, it inclined recording a high of 1.6322 and a low of 1.36259, having the royal currency trading around 1.6315. Currently the pair is having a resistance at 1.6370 along with a support at 1.6260, and if it broke the resistance, we may see the pair jumping to the 1.6415 levels. The British PPI input and output are on queue today that may move the pair on release. However, the pair is trading in an oversold area according to the daily momentum indicators.
Finally, the yen weakened for the second day against the dollar recording a high of 88.85 and a low of 88.25, and the pair is currently trading around 88.80. The pair is having a resistance at 89.15 along with a support at 88.30, so if we witnessed the pair breaching the resistance, it may climb to reach the 89.55 levels. Fundamentals concerning retail sales and the Uni of Michigan confidence will be released today from the U.S and they tend to move the market on release. Yet, the four hour stochastic oscillator is supporting the upside.