Today, markets are waiting for the existing home sales in the United States, since it will help us understand if the housing sector is bottoming out. If data beats market expectations, it will support major currencies to rise versus the dollar, because they will be seeking higher yielding currencies, as they are filled with optimism; while, they sell lower yielding currencies, causing the dollar to depreciate in markets.
The euro zone released its PMI manufacturing and services sector, in which the reading was released showing that it had beat market expectations, and that the contraction narrowed; supporting the fact that the pace of economic recession is easing. The upbeat data boosted the euro in the markets, since it was seen inclining versus the dollar; as the pair trades at 1.4302, while recording a high of 1.4305 and a low of 1.4207. Looking at the one-hour charts, we notice that support is at 1.4286 and a resistance at 1.4320.
Although the United Kingdom did not release any economic data yet, we are seeing the pound slightly moving in the markets, against the federal currency; as the pair trades at 1.6496, while recording a high of 1.6517 and a low of 1.6418. For the GBP/USD pair, we see there is a support at 1.6458 and a resistance at 1.6518. The volumes indicator on the one-hour chart is showing us that there is no volume in the markets.
The USD/JPY is being traded at 93.79 between the support of 93.42 and a resistance of 94.12, while recording a high of 94.28 and a low of 93.46. We are seeing the dollar depreciate against the yen, while the momentum indicators on the four-hour charts are showing us that the pair is being traded close to an oversold area.
The euro zone released its PMI manufacturing and services sector, in which the reading was released showing that it had beat market expectations, and that the contraction narrowed; supporting the fact that the pace of economic recession is easing. The upbeat data boosted the euro in the markets, since it was seen inclining versus the dollar; as the pair trades at 1.4302, while recording a high of 1.4305 and a low of 1.4207. Looking at the one-hour charts, we notice that support is at 1.4286 and a resistance at 1.4320.
Although the United Kingdom did not release any economic data yet, we are seeing the pound slightly moving in the markets, against the federal currency; as the pair trades at 1.6496, while recording a high of 1.6517 and a low of 1.6418. For the GBP/USD pair, we see there is a support at 1.6458 and a resistance at 1.6518. The volumes indicator on the one-hour chart is showing us that there is no volume in the markets.
The USD/JPY is being traded at 93.79 between the support of 93.42 and a resistance of 94.12, while recording a high of 94.28 and a low of 93.46. We are seeing the dollar depreciate against the yen, while the momentum indicators on the four-hour charts are showing us that the pair is being traded close to an oversold area.
