ECP: US dollar gains after yesterday's correctional movement
The US dollar rose again against its major counterparts during today's Asian session, after falling yesterday in a correctional movement induced by the momentum indicators. Furthermore, the labor market in US is giving signs of improvement along with fears over a possible spread of Ireland's crisis, which increases the chances of the dollar to rise against the common currency and other European currencies.
The euro declined against the dollar during today’s Asian session. Now, the pair trades at the level 1.3100, recording a high of 1.3135 and a low of 1.3087. The level 1.3100 returned to be the pair's support level. The daily and four hours momentum indicators show the pair in an oversold area, which supports the pair's decline for a while.
The British pound/dollar pair is witnessing a calm trading after rising for two days in a row, while the pair trades around the level 1.5605, recording a high of 1.5621 and a low of 1.5593 and the pair's decline has stopped at the support level 1.5600. Momentum indicators show the pair in an oversold area.
The Japanese yen against the greenback pair declined slightly, where the pair trades around 84.07, recording a high of 84.16 and a low of 84.04. The daily momentum indicators give selling signs.