The Dollar declines once again against the Euro and other major currencies despite the data from the US showing that the economy contracted less than once expected during the first quarter of the year.
As for the Pounds, for the third consecutive day yesterday, trading was able to end the day at the 38.2% correction at 1.64223 where the pair is failing to determine a specific trend on the short term. However we see a bearish candlestick reversal on the four hour charts supported by the bearish signs on the stochastic indicator which may result in a downside correction to 1.63550 and 1.6320 respectively.
The Euro inclined yesterday to the 1.4000 mark to record a high at 1.4050 before reversing back to the downside. Momentum indicators show neutral signs on the daily charts yet on the four hour charts we see the pair near an overbought area.
the pair still needs to complete the targets for the double bottom formation at 1.40750 before opening the way to retest 1.41621.
Despite reaching levels at 96.60 yesterday, the USD/JPY pair declined heavily to close below the 38.2% correction at 96.10
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