Euro was very much range bound amid speculation the Federal Reserve will signal the end to rate cuts at its meeting this week. Annual inflation in Germany fell more than expected from 3.1% . This data will give the ECB confidence in the fact that the Euro Zone inflation may have seen its peak at 3.6% in March. The German Consumer Confidence index rose to 5.9 in May easily surpassing the 4.4 fore casted and rising from 4.8 in April. Investors are on pause as they wait for key data releases coming out of the U.S before they take up positions in the market. Sure to add volatility to the market Euro Zone’s CPI estimate for April is expected to be announced with forecasts of a slight decline from 3.6% to 3.5%.
Tech view:
EURO is expected to trade in the range of 1.5590-1.5720.With good support seen at 1.5580 and key resistance is seen at 1.5730.The currency is trading below the fast moving averages but stochastic and Relative strength Index have turned from oversold levels there by giving clues for the bull run. Currency is also seen trending up after taking a the lower Bands in Bollinger.
EURO is expected to trade in the range of 1.5590-1.5720.With good support seen at 1.5580 and key resistance is seen at 1.5730.The currency is trading below the fast moving averages but stochastic and Relative strength Index have turned from oversold levels there by giving clues for the bull run. Currency is also seen trending up after taking a the lower Bands in Bollinger.
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