Euro reached new record highs but the psychological 1.60 barrier could not be broken as the Euro was sold off following officials from the ECB indicating the Euro current level is undesirable. The Euro Zone’s Trade Balance for the month of February came in at $800 million, up from -$11 billion in January. Looking ahead for Germany to disclose PPI Core Output for the month with expectations of a growth from 3.8% to 4.0%.
TECHNICAL FOR THE DAY
EURO is expected to trade in the range of 1.5850-1.5970.With good support seen at 1.5830 levels and breach below the support would see Euro at 1.5820.Key resistance is seen at 1.5980 levels. Though the currency is trading well above the moving averages small profit taking is expected for the past bull run .Stochastic and Relative Market strength index are pointing towards the possibility of slight market correction.
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