Currency Pair Overview European Session Fails Again To Move Decisively

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Overall, the currency market traded in a range-bound fashion during the European session, even though in the second part the major pairs posted some relatively strong moves against the dollar. The currency market had a weak attempt during the Asian session to move higher compared to the dollar, but it lacked the momentum to continue to move. Ahead, the market is expected to trade with an increasing momentum during the U.S. open, but then to slowly calm as the Friday’s close is approaching. 

The Euro (EUR/USD) gained 60 pips during the Asian session, but soon after the pair entered into sideways trade around TheLFB R1 (1.4040). The pair managed to break higher during the second part of the European session, in-line with the moves made by the other major pars. 

The Pound (GBP/USD) gained 130 pips overnight, but most of the gains came during the Asian and the European open. The pair halted its gains around TheLFB R1 (1.6485) but then broke above the pivot area during the second part of the European session. On the daily chart, the pound continues to trade in a wide range. 

The Aussie (AUD/USD) rose up to TheLFB R1 (0.8075) in the early part of the day, but since then, the pair has failed to move decisively in either direction. However, the aussie did manage to break above the 0.8050 area overnight, which was an important resistance area this week.

The Cad (USD/CAD) moved only lower during the overnight session. In addition, the cad was the only pair that did not retrace once that the S&P futures were heading toward the sessions’ low, something that denotes the pair’s strength. The pair has lost approximately 80 pips overnight, and is heading towards the 1.4550 support area.  

The Swissy (USD/CHF) fell to TheLFB S1 (1.0895) during the Asian session, but soon after, the pair traded in a small range slightly above the pivot point. Eventually, the pair managed to break below the pivot point and below the 1.0890 area, which represented an important swing point in the past. 

The Yen (Usd/Yen) lost as much as 40-pips during the Asian session, testing the low touched on Wednesday. Soon after, the pair retraced a small part of the decline, and since then the yen has traded in a 20-pip range. On the daily chart, the yen continues to trade below all the important moving averages. 

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