Dollar weakened versus the Euro after U.S. Treasury Secretary told that the economy is in a ``challenging time'' and probably will have slow growth for months because of higher oil prices.
The Sterling traded in a slightly offered tone due to Dollar strength and rumors of a relaxing of Government Public debt guidelines .Currency fell after a private industry report showed U.K. house prices dropped .
Tech view:
EURO is expected to be on a mixed note for the day. With the trading range expected between 1.5790 -1.5920 levels for the day . currency has its support at 1.5760 levels and holds resistance at 1.5930 levels for the day. Currency is seen trading between the fast and slow moving average giving indication of sideways movement. Caution is given by Stochastic which is seen trending up.
GBP chart pattern shows a double top formation hinting towards a bearish correction . With the trading range expected between 1.9890-1.9990 levels for the day. currency has its support at 1.9860 levels for the day and resistance is seen at 1.9998 levels for the day. momentum and stochastic are trending down supporting the bear note.
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