DATED 22.05.2008
The Euro received another boost on the back of better then expected German IFO business climate index coming in at 103.5 . Looking ahead, European Industrial New Orders m/m out today expected to come in at -0.4%.·
TECHNICAL VIEW FOR THE DAY 22.05.2008
EURO is expected to be in the range of 1.5720-1.5830.With good support seen at 1.5700 and key resistance is seen at 1.5840.Chart pattern indicates the currency to be bullish note. Currency is trading well above the fast and slow moving averages and is giving a bullish crossover. stochastic and RSI are giving signal for a small downside correction in the counter.
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