Euro Reverses Gains During Light Trading Day

After a Greek poll over the weekend indicated that pro-austerity political parties are gaining popularity ahead of next month's elections, the euro turned bullish against several of its main currency rivals to start off the week. That being said, the common-currency was not able to hold on to its gains, and by mid-day trading was once again falling against the USD, JPY and GBP. Today, in addition to any announcements out of the euro-zone, traders will also want to pay attention to the US CB Consumer Confidence figure. Analysts are predicting a slight increase over last month's figure, which if true, could help the dollar in afternoon trading.

EUR/USD

A bullish cross on the weekly chart's Slow Stochastic indicates that this pair could see upward movement in the coming days. This theory is supported by the Williams Percent Range on the same chart, which has crossed into oversold territory. Going long may be the preferred strategy for this pair.

GBP/USD

Technical indicators on the daily chart, including the Relative Strength Index and the Slow Stochastic, indicate that this pair could see an upward correction in the near future. In addition, the weekly chart's Williams Percent Range has crossed into oversold territory. Opening long positions may be the wise choice for this pair.

USD/JPY

While the Williams Percent Range on the weekly chart is in oversold territory, most other long term technical indicators show this pair range trading. Traders may want to take a wait and see approach, as a clearer picture is likely to present itself in the near future.

USD/CHF

The weekly chart's MACD/OsMA has formed a bearish cross, indicating that downward movement could occur in the coming days. This theory is supported by the Williams Percent Range on the same chart, which has crossed into overbought territory. Going short may be the wise choice for this pair.

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