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Currencies Update: Euro drops with the beginning of the week
Written by article default Monday, 08 November 2010 06:20
With the beginning trading of the week, the European currency dropped, as the demand for euro and other majors curbed, because of growing concerns over the crisis in Ireland, and its inability to support its budget deficit, along with political uncertainty in Greece, had a negative effect on the euro, which lost its gain that recorded during last week.The euro is witnessing a heavy decline against the dollar during today’s Asian session, recording a low of 1.3918 and a high of 1.4084. On the other hand, the pair faces a resistance at 1.3900, as the pair declined. The daily momentum gives selling signs, while four hours momentum indicators show the pair in an oversold area.
The pound dropped against the dollar, recording a low of 1.6102 and a high of 1.6212, and now it trades around 1.6125 where the pair faces a resistance at 1.6100. The daily momentum indicators show the pair in an overbought area, while the four hours momentum indicators show the pair in an oversold.
The yen rose slightly against the dollar during the Asian session, recording a high of 81.42 and a low of 81.12. The pair now trades around 81.18, facing a support at 81.00. The daily momentum indicators show give buying signs, supported the pair to incline in short term.