Euro under pressure

EURO felt the pressure coming from retail sales results overnight, with a contraction in spending by -0.5% for the month of February after initial expectations of a rise by 0.2%. PMI services data released overnight saw a figure of 51.6 for the month of March, a reduction from 52.3 for February. Euro Chart pattern indicates it to give a small correction for the day. With the trading range of 1.5580-1.5730 for the day. Good support is seen at 1.5560 and key resistance is seen at 1.5745.Currency is trading well below the fast moving averages and is also giving bearish crossovers. Relative Market strength index and stochastic are also pointing towards the downtrend to continue for the day.