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Currencies Update: Tight ranges during the Asian session after yesterday's rise
Written by article default Friday, 05 November 2010 09:55
The central banks' decisions that released this week, supported to restore some confidence to investors, while the central banks to support the global economic recovery, has a positive effect on majors, which rose versus both the dollar and the yen yesterday before a weak trading during today's session.The euro declined slightly against the dollar during today’s Asian session, recording a low of 1.4185 and a high of 1.4228. On the other hand, the pair faces a resistance at 1.4230, as the pair declined. The daily and four hours momentum indicators show the pair in an overbought area.
The pound dropped against the dollar, recording a low of 1.6244 and a high of 1.6277, and now it trades around 1.6243 where the pair faces a resistance at 1.280. The daily and four hours momentum indicators show the pair in an overbought area which may favor a downside movement.
The yen rose slightly against the dollar during the Asian session, recording a low of 80.65 and a high of 80.98. The pair now trades around 80.80, facing a support at 80.40. The daily and four hours momentum indicators show give buying signs, supported the pair to incline in short term.