Debt concerns drive the euro's trading

The meeting held by EU Finance Ministers in Brussels spread some
optimism among investors where they believe that the measures being
discussed to help counter the debt crisis, would actually succeed in
ending the market's misery and put investor's concern to rest.

The European shared currency slashed all the losses acquired during
yesterday's trading session, where it ascended against the dollar.
The pound surged after inflation data showed a severe increase in
prices during December, reaching 3.7 percent, compared with the
previous reported rise at 3.3 percent.

The pound's appreciation sent the US dollar index, a six-currency
gauge of the dollar's performance, to trade at the lowest level in
two-months.

The dollar index opened today's trading at 79.18, while currently
trading at 78.86, where it managed to set the highest at 79.23 and the
lowest at 78.68.

The euro appreciated as confidence improved in Germany and the
Euro-Zone as whole, where the EUR/USD pair rose to trade at 1.3395, in
attempt to retest the resistance at 1.3430. The pair opened at 1.3293
where it set the highest at 1.3428 and the lowest at 1.3251.

The pound ascended in trading, breaching the resistance at 1.5967
where it's currently trading at 1.6008, while setting a high of
1.6058 and a low of 1.5875. on the four-hour chart, the pair is
expected to correct the rise, and retest the above mentioned
resistance, but the general trend for today is bullish, with targets
set at 1.6297.

As for the dollar's trading against the Japanese yen, it fell on
the daily scale to 82.47, compared with the opening levels of 82.66
where it managed to set the highest at 82.75 and the lowest at 82.34.
The pair's attempt to breach 82.50 was successful, paving the path
for the pair to target 82.00. A daily closing below 82.00 would allow
the pair to target 81.50 then 81.00.
Source: Fxstreet.com