EURO fell to a five week low against the dollar as stronger than predicted U.S data results and rising equity markets prompted investors to support the dollar and sell-off the Euro, despite it being a public holiday with no data being released. Looking ahead, PMI Manufacturing for April with forecasts of an index of 50.8and the German Retail Sales figures for March with predictions of a growth of 0.6%.JPY remained weak against the dollar owing to rising U.S equity markets and more confidence in the Fed’s rate stance prompting investors toward the higher yielding dollar.
TECH VIEW:
EURO is trading below the moving averages and expected to be on downtrend for the day. support is seen at 1.5380 and breach of it would test 1.5340 .currency holds resistance at 1.5570 . trading range is expected to trade between 1.5390-1.5560 levels. currency breaks the lower band indicating the the trend to be on downside for near term. momentum indicates a slight upward correction in near term.
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