The major currencies witnessed mixed performance during today’s Asian session; where the dollar managed to rise against the euro and the yen, however fell against the British pound which succeeded to have a significant breakthrough of an important level against the greenback during today. The consumer prices index and the retail sales released yesterday did not have a major impact on markets unlike previous expectations, giving majors some freedom of movement after being released from the dollars pressures during this week.
The euro fell against the dollar and now trades around the 1.3634, seeing the lowest of 1.3632 and the highest of 1.3666, while this downside movement might continue till the 1.3600 level. The daily and 4 hours momentum indicators show that the pair might continue moving to the downside, meanwhile the European Central Bank will release today its monthly bulletin and the trade balance will be released from Europe, which could effect the pair’s movement.
It is possible that the British pound escaped from the narrow range that was holding it fro a long time. The UK will lack any fundamentals during today which might determine the sterling to move technically. The momentum indicators show that the pair might continue moving to the downside, however we might see some upside movement till the 1.5600. The pair now trades around the 1.5500 level, with the highest at 1.5517 and the lowest 1.5473.
The dollar/yen pair still moves in a weak manner, where the 93.00 level is limiting the pair’s downside movement, while the 94.60 level is the highest limit for the range in which the pair trades. The dollar/yen now trades around the 93.37 level, with the highest at 93.51 and the lowest at 93.27. The 4 hours momentum indicators show the possibility of a neutral movement, while the daily indicators show the possibility of an upside movement.