European markets edge down on low volume trading; Euro and Pound in range

European markets tick down in most cases, following sell tone seen in U.S. and Asia and profit taking ahead of the weekend. In Forex markets, Euro and Pound consolidate after mild recoveries seen in Asian session.

Eurostoxx 50 Index dips 0.25% while the German DAX Index sheds 0.3% and the French CAC Index trades 0.2% down two hours after the opening bell. In the UK, the FTSE Index remains practically flat.

U.S. and Asian Markets have declined following disappointing housing data in the United States, as concern about the sustainability of markets rally seen during last months starts to spread among investors.

Euro and Pound moving in range

EUR/USD has bounce at 1.4615 low after its decline from 1.4800 on Thursday, and the pair grew, during Asian session to 1.4700 high, although rejection at the mentioned level has left the pair moving sideways between 1.4665 and 1.4700.

GBP/USD found support at fresh 3-month high 1.5915 and the pair rose to levels above 1.6000 during Asian session, to consolidate between 1.5980 and 1.6030 during European session so far.

USD/JPY decline from 91.55 high on Thursday has extended during European session to levels below 90.55, and the Dollar approaches intra-week low at 90.35.