The Euro traded lower on souring sentiment caused by weakening economic data. April retail sales came in much lower at -0.6%. Strong US data and a fall in Crude Oil prices also weighed. Today's focus turns to the ECB interest rate decision that is widely believed to be held at 4.00% by President Trichet.
TECH VIEW:
Euro is expected to be on bear note for the day. currency lends support at 1.5320 levels and holds resistance at 1.5490 .trading range is expected between 1.5330-1.5480 levels. stochastic is trending towards downside and gives clues foe the currency to be on downside for the day. MACD bearish crossover also supports the currency to be on downside.
Euro is expected to be on bear note for the day. currency lends support at 1.5320 levels and holds resistance at 1.5490 .trading range is expected between 1.5330-1.5480 levels. stochastic is trending towards downside and gives clues foe the currency to be on downside for the day. MACD bearish crossover also supports the currency to be on downside.
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