The Euro rallied to within the record high against the dollar as ECB officials reiterated the concern of an accelerating inflation on the Euro, increasing the chances interest rates will stay at six-year high for some time yet. The Euro gained momentum after policy maker Liebscher stated that record oil prices are beginning to push up wage demands and maintain a high inflation level. Looking ahead the focus is on Wednesday’s data releases with German and Euro PMI Manufacturing figures with forecasts of 54.8 for Germany and 51.5 for the Euro Zone PMI Services is also to be released on Wednesday with expectations of a similar level to earlier figures.
tech view
EURO is trading above the fast moving average. chart pattern indicates mixed note to continue for the day with opening higher than previous close. currency lends its support at 1.5840 levels and holds its resistance at 1.5990 levels. the trading range is expected between 1.5845-1.5985 levels. the stochastic trending towards the uptrend and momentum remaining in neutral territory.
EURO is trading above the fast moving average. chart pattern indicates mixed note to continue for the day with opening higher than previous close. currency lends its support at 1.5840 levels and holds its resistance at 1.5990 levels. the trading range is expected between 1.5845-1.5985 levels. the stochastic trending towards the uptrend and momentum remaining in neutral territory.
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