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Euro remains weak and technical movements are taking place
Written by article default Monday, 29 November 2010 14:44
The European currency remains slightly weak so far throughout the currencies market trading knowing that it fell to the lowest level in more than two months against the U.S currency and the yen since that the 85 billion-euro aid package for Ireland failed actually to stop and minimize worries and concerns that the present European debt crisis will stop extend within this coming period, which of course will slow down the global revival from the unending recession.Accordingly, the euro-dollar pair continues on plunging on the one-hour dollar scale but narrow trading on the four-hour chart and could slip further to the downside according to the one-hour stochastic oscillator with the Union currency now trading around 1.3243 recording a high of 1.3361 and a low of 1.3199. The trading range for today is among the key support at 1.2915 and the key resistance at 1.3450.
As for the pound-dollar pair, it is plunging as the royal pound is being pulled to the downside by the current strengthened dollar to trade so far around 1.5602 recording a high of 1.5770 and a low of 1.5587, knowing that the pair can start rising to the upside according to the four-hour momentum indicators. The trading range for today is among the key support at 1.5300 and the key resistance at 1.5830.
Now, turning to the dollar-yen pair, it is actually inclining faintly on the four-hour and one-hour chart but is predicted to fall according to the one-hour and four-hour stochastic oscillator with the low-yielding yen now trading around 84.06 recording a high of 84.18 and a low of 83.54. The trading range for today is among the key support at 82.80 and the key resistance at 87.00.