The Euro bowed to the USD momentum with stronger industrial numbers failing to slow the descent. French industrial Production for April came in strong at 1.4% and Italian Industrial Production also picked up to 0.7% vs.. Looking ahead, French CP expected at 0.4% up from 0.3% last month
Tech View:
EURO is expected to be on mixed note for the day. With the trading range expected between 1.5420-1.5550 levels. Good support for the currency is seen at 1.5400 levels and holds resistance at 1.5580 levels for the day. Momentum is giving an indication of the bull trend supported by parabolic. But caution is required as the currency still lies below the fast moving averages.
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