Monday, September 7, 2009

Euro gained against the Dollars



The euro gained against its American counterpart in today's Asian session, while the pound fell. The USDIX declined recording a low of 78.04 and a high of 78.15.

The euro dollar pair inclined recording a high of 1.4336 and a low of 1.4317, having the union currency trading around 1.4335. Last week the pair breached the 1.4300 resistance after the pessimistic fundamentals showed unemployment in the U.S reached 9.7% pressuring the dollar and giving a chance for the euro to gain. The pair is having a resistance at 1.4360 and a support at 1.4300. If the pair breached the resistance it will target 1.4400 levels. The pair is trading in an overbought area according to the four hours momentum indicators.

Regarding the pound dollar pair, it fell recording a low of 1.6364 and a high of 1.6414, having the royal currency trading around 1.6375. The pair broke the 1.6400 support level to the downside that may be followed by further declines. The pair is having a support at 1.6350 along with a resistance at 1.6420. However the pair is trading in an overbought area according to the daily stochastic oscillator.

Finally, the dollar yen pair is consolidating between 93.20 and 92.90 recording a high of 93.18 and a low of 92.92. Today the pair is having a support at 92.85 along with a resistance at 93.30. The stochastic oscillator is supporting the upside, and if the resistance was breached we may see the pair trading in the 93.70 levels.

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