The Euro edged up to $1.5790 from around $1.5766 turning back towards its record high of $1.5905 after making a pause from sharp gains made earlier this week. A series of weak data this week stoked U.S. recession fears and supported expectations for a big Federal Reserve rate cut, while the European Central Bank president's remarks that Euro zone rates were at the right level cooled expectations for a near-term ECB rate cut.
TECHNICAL FOR THE DAY (EURO)
Euro is expected to trade in the range of 1.5700-1.5850.With good support seen at 1.5680 and key resistance seen at 1.5860.Currency is trading above the moving averages giving indication of the bullish trend. But Relative market strength index and stochastic are at over bought level hinting towards the possibility of small correction(1.5700) in the counter.
Euro is expected to trade in the range of 1.5700-1.5850.With good support seen at 1.5680 and key resistance seen at 1.5860.Currency is trading above the moving averages giving indication of the bullish trend. But Relative market strength index and stochastic are at over bought level hinting towards the possibility of small correction(1.5700) in the counter.
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