Members login
The dollar remains strong against the euro yet witnesses some losses against the pound
Written by article default Monday, 29 November 2010 14:44
The dollar maintained its strength against the euro (the highest in two months), as more European countries are believed to be joining Ireland with its debt crisis. Meanwhile as the tensions between the two Koreas persist investors keep loosing their appetite for risk and look for safer assets.The euro fell against the dollar during today’s Asian session, where now it trades around 1.3246 recording a high of 1.3250 and a low of 1.3181. The pair now is targeting the level 1.3080, which represents the target on the short term, yet the daily and four hours momentum indicators show the pair in an oversold area, which might limit the downside movement.
The pound was able to reverse it movement against the dollar to find itself at the moment around the 1.5621 level, recording a high of 1.5623 and a low of 1.5558. The support level 1.5560 stopped momentarily the downside movement of the pair, in addition to that the daily and four hours momentum indicators show the pair in an oversold area.
The dollar/yen pair fell considerably today, reaching the level 83.96 after it recorded a high of 84.18 and a low of 83.94. Momentum indicators show the pair in an overbought area, which helped the pair move to the downside after 4 consecutive hours of continued gains.