The 16-nation currency fell against most of its major counterparts while the Euro traded unchanged against the Dollar where the German government spokesman stated that E.U Finance Ministers made “No decision” to aid Greece in the meantime which affected investors trading regarding the Euro, but high yielding assets and stocks managed to gain in today’s trading as the world’s leading economy released its PPI report, which validated the Feds' projections about subdued inflationary levels over the meantime.
Gold dropped as expected where it’s considered the best hedge against inflation, but with no inflationary threats rising over the short and medium term, investors turned into more risky investment, allowing stocks in Europe and the U.S to trade at a 17-month high.
Meanwhile, the U.S dollar index, which tracks the performance of the Dollar against a basket of currencies, sank in today’s trading session, where it’s currently trading at 79.574, compared with the opening levels of 79.734 where it managed to reach the highest levels for today at 79.825 and the lowest at 79.520.
The euro-dollar pair is trading unchanged as stated above where it’s currently trading at the opening levels of $1.3771 while it reached the highest levels for today at $1.3817 and the lowest at $1.3724. Meanwhile expectations show that the pair will ascend further after these fluctuations in trading with targets at $1.3900 and $1.3920 but to validate these expectations, trading must remain above $1.3680, as for the upcoming support and resistance levels, they are set at $1.3715 and $1.3830 respectively.
Moving to the Sterling, the pair managed to breach a strong resistance level at $1.5270 and ascended further to trade at $1.5354 in attempt to reach the resistance at $1.5384 to test it, the pair’s upcoming targets are set at $1.5525 but in order to achieve those expectations, levels at $1.5480 must be breached and the pair needs to build a strong base for trading above those levels. The pair managed to reach the highest at $1.5380 and the lowest at $1.5206 meanwhile the upcoming support and resistance levels can be witnessed at $1.5300 and $1.5415 respectively.
Finally talking about the USDJPY pair, expectations show that the pair will decline on the short term, keeping in mind that a breach of $90.00 would pave the way to resume those expectations on the short term, meanwhile the pair is nearing those levels as it's trading at $90.10, thus it's highly projected that the pair will breach those levels to the downside and validate these expectations, supported by the negative signs for a decline provided by the momentum indicator. The pair managed to reach the highest for today at $90.70 and the lowest at $90.01, and the upcoming support and resistance levels can be witnessed at $90.00 and $90.60 respectively.
