EURO rallied after a European Union report showed consumer prices accelerated at the fastest pace in almost 16 years this month. In other news ECB member Liikanen mentioned that the outlook of growth in Europe had become “more subdued”, whilst inflation had accelerated. PMI Manufacturing for the month of March is expected to come in at 52 (Previous: 52.3), whilst Unemployment Rate is expected be unchanged at 7.1%.
Technicals for the day
Euro is expected to trade in the range of 1.5710-1.5860.With good support seen at 1.5690 levels and breach below the level will see the currency at 1.5680.Key resistance for Euro is seen at 1.5880.Stochastic and Averages of MACD line are showing bearish crossovers and are also seen at overbought level. Currency is also trading below the fast moving averages giving a indication of bearish trend to continue for the day.
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