Euro was buoyed initially by first quarter growth up by 0.7% whilst the CPI data fell from 3.6% to 3.3% on an annual basis adding to notions that the ECB will hold rates for the time being. The dollar declined against the Euro on speculation that U.S. reports today will show housing starts fell to a 17-year low and consumer confidence slumped to the weakest in 26 years.
Tech outlook
EURO is expected to be in the range of 1.5410-1.5560.With good support seen at 1.5390 and key resistance is seen at 1.5580.Chart pattern indicates the currency to be bullish note. Currency has breeched the fast moving averages and is trending up. stochastic and RSI is also supporting the bullish move.
pound is expected to be on a bullish note for the day with the trading range expected between 1.9440-1.9510 levels for the day. currency has its support at 1.9420 levels and holds resistance at 1.9530 levels .Momentum and RSI is trending up confirming the bull run currency has crossed the fast moving average but a crossover can only solid confirmation on the view
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