The dollar rose against the Euro after the U.S. Treasury and Federal Reserve launched sweeping measures to assist embattled mortgage lenders Fannie Mae and Freddie Mac .Looking ahead, May Industrial Production for the Euro zone is expected to fall -2.3% down from +0.9% in April
Tech Outlook
EURO is expected to be on bearish note for the day. With the trading range expected between 1.5850-1.5940 levels. support for the currency is seen at 1.5830 levels. good resistance for the currency is seen at 1.5970 levels. Momentum and stochastic are trending downwards giving cues for the currency to have downward correction for the day. But caution is given by moving averages.
EURO is expected to be on bearish note for the day. With the trading range expected between 1.5850-1.5940 levels. support for the currency is seen at 1.5830 levels. good resistance for the currency is seen at 1.5970 levels. Momentum and stochastic are trending downwards giving cues for the currency to have downward correction for the day. But caution is given by moving averages.
POUND is expected to be on downside for the day. With the trading range expected between 1.9800-1.9940 levels for the day. support for the currency is seen at 1.9780 levels and resistance is seen at 1.9950 levels. stochastic hints for the downward correction for the day. But currency is seen trading above the fast moving average and Momentum is seen flat giving no confirmation on the trend.
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