Euro and pound eased

EURO eased considerably on news that US manufacturing had contracted less then expected for the month of March. Euro zone PMI Manufacturing was released on expectations at 52. In other news, Unemployment in Europe largest economy (Germany) fell to its lowest level since 1992 to 7.8% for the month of March (Previous: 8%). Looking ahead are the PPI figures for the month
Euro is expected to trade on a bearish note for the day with the trading range of 1.5500-1.5635.With good support seen at 1.5480 and key resistance at 1.5650.Momentum gives an indication of downward trend and it is complimented by stochastic .Averages of MACD also indicates the currency to be on bear note.Currency is also trading below the fast moving averages .

GBP eased the UK Financial sector continues to feel the brunt of the global credit crunch. The Sterling Pound also gave up its mid-session gains on a broadly stronger dollar boosted by positive ISM readings. Pound is expected to trade in the range of 1.9710-1.9820.support is seen at 1.9700 levels and resistance for the same is seen at1.9830..Widen band width is giving a indication for the market to be highly volatile but stochastic and relative market strength index is giving an indication of bearish trend to continue for the day. Currency is also trading well below the fast moving average which is confirming the downtrend.