The euro jumped on Trichet remarks that were made during the press
conference that follows the rate decision, which the bank preserved at
1.00 percent. Inflation threats are rising on the short-term, but
remains moderated and well anchored on the medium-term, according to
ECB chairman.
The 17-nation currency gained for the fourth-consecutive day on these
remarks, while the US dollar index fell on the daily scale as
witnessed on the US dollar index, which tracks the performance of the
currency against six-major other.
The US dollar index, traded lower today at 79.25, while setting a low
of 79.16 and a high of 80.23, this is compared with the opening levels
of 80.15.
The EUR/USD pair traded higher on the daily scale, where the pair
breached 1.3120 levels, where it's currently trading at 1.3320; this
is compared with the opening levels of 1.3131. The pair managed to set
the highest at 1.3354 and the lowest at 1.3087.
Further bullishness is expected, as the pair targets 1.3412, which if
breached, would pave the path for the pair to target 1.3500, but the
pair needs to obtain a daily closing above 1.3235 in order to achieve
the mentioned targets.
As for the pound, the cable breached the resistance at 1.5805 and
traded higher at 1.5846, this is compared with the opening levels of
1.5716.
Today's trading range will be bounded between the above mentioned
resistance that converted to become a support levels, and the
resistance levels at 1.5905.
The dollar traded lower against the yen, reaching 82.78, compared with
the opening levels of 82.97, while setting a high of 83.15 and a low
of 82.52.
The pair's nearing 82.50, with the Stochastic Oscillator heading
towards an oversold area on the daily scale, the pair might witness a
upside correction later on today that would allow it to re-test levels
at 83.00 where obtaining a daily closing above this level, would pave
the path for the pair to target 84.00.
Source: Fxstreet.com
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