Green back fell against the Euro on growing prospects of a wider spread between U.S and Euro zone interest rates that is likely to favor the single European currency. pound leapt against the dollar to a seven-week high and was seen at 1.9883 after testimony from Bank of England Monetary Policy Committee supported the idea of a British rate increase in the near term.
Tech View:
Euro is expected to be on mixed note for the day. trading range is expected between 1.5640-1.5760 levels for the day. currency holds its support at 1.5620 levels and good resistance is seen at 1.5780 level. stochastic lies in the overbought area thereby signaling slight downward correction in the near term.
Pound is expected to be on mixed note for the day. trading range is expected to be on 1.9830-1.9950 levels for the day. support for the currency is seen at 1.9820 levels and holds resistance at1. 9960 levels for the day. higher levels may be further restricted since the stochastic is turning towards the downside .
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