EURO retreated on poorer than predicted economic data released out of the Euro Zone which saw PMI Manufacturing Index drop to 50.8 to its lowest level in nearly three years. Looking a head for the day February's Current Account is to be released on Thursday following January's deficit of -$19.1bn. Investment flow for February is also to be released on Thursday with January's results indicating a flow of $22.1bn.
Tech outlook
Euro is seen on downtrend for the day as consolidation of prices is expected . chart pattern indicates the trend to move on bear note. currency lends its support at 1.5880 and breach of it would test 1.5790 levels. Resistance is seen at 1.5940 levels. the currency is expected to trade between 1.5805-1.5920 levels. Stochastic trending downwards and the band remains in direction of bear trend to continue for the near term.
Euro is seen on downtrend for the day as consolidation of prices is expected . chart pattern indicates the trend to move on bear note. currency lends its support at 1.5880 and breach of it would test 1.5790 levels. Resistance is seen at 1.5940 levels. the currency is expected to trade between 1.5805-1.5920 levels. Stochastic trending downwards and the band remains in direction of bear trend to continue for the near term.
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