Euro as investors bet the Federal Reserve will keep interest rates unchanged next week while the European Central Bank increases borrowing costs next month. British pound fell on speculation of minutes from the Bank of England meeting. BoE said the rate outlook was uncertain, despite higher than expected inflation data.
Tech Outlook:
Euro is expected to be on downtrend for the day. Trading range is expected between 1.5470-1.5550 levels for the day .support is expected between 1.5430 and resistance is seen at 1.5570 levels. stochastic is seen on downtrend and signaling for the bear note for the day. Momentum is also signaling downward and supports the same.
GBP is expected to be on downtrend for the day. With the trading range expected between 1.9460-1.9640. currency lends its support at 1.9420 levels and holds resistance at 1.9660 levels. RSI and stochastic is trending downwards thereby supporting the currency for the bear note to continue for the day. Momentum remains silent on the issue waiting for clues from movement of currency.
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