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Currencies Update: European currency rises for a second day against Yen and US dollar
Written by article default Thursday, 18 November 2010 11:17
The Asian session has witnessed that the European currency inclined against its major counterparts the yen and the dollar, because of growing optimism a bailout for Ireland is working to control the crisis, and prevent contagion in the region's larger debt markets.On the other hand, the US dollar declined against its majors as Labor Department data today will show the number of Americans filing initial jobless claims increased.
The euro rose against the dollar during today’s Asian session, recording a high of 1.3607 and a low of 1.3523. On the other hand, the pair faces a resistance at 1.3635, as the pair inclined. The daily momentum indicators show the pair in an oversold area, and four hours momentum indicators show the pair in an overbought area, supported the pair to incline.
The pound rose slightly against the dollar during the Asian session, recording a high of 1.5920 and a low of 1.5899, and now it trades around 1.5908. The daily momentum indicators show the pair in an overbought area, while the four hours momentum indicators show the pair in an oversold.
Turing to, the dollar/yen pair declined during the Asian session, recording a low of 83.16 and a high of 83.32. Now the pair trades around 83.22. The daily and four hours momentum indicators show the pair in an oversold area, yet the chances for an upside movement remain valid.