The Euro was hurt from the commodity sell off and decline in oil prices , easing concern that record fuel costs will slow the U.S. Economy .Poor German consumer confidence also was responsible for the slide. But the German GDP was confirmed at 1.5% as anticipated. Looking ahead for the European Current Account data.
Tech View:
EURO is expected to give a range bound movement for the day with a trading range of 1.5650-1.5750.With good support seen at 1.5620 and key resistance for the currency is seen at 1.5770 levels. Momentum is seen trending down and stochastic is also supporting the downside move. Chart pattern shows doji formation remaining indecisive about the trend.
Pound is expected to trade in the range of 1.9670-1.9810.With good support seen at 1.9650 and key resistance is seen at 1.9820 levels. Chart pattern indicates the currency to give a small downside correction for the day .Stochastic and Relative Market strength index are trending down .Currency is seen trading between the fast and slow moving averages hinting a mixed note.
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