Greenback pared gains versus the Euro amid lingering worries about the credit crisis and the health of the financial sector .Pound fell against the dollar after a government report showed U.K. manufacturing contracted more than predicted , deepening concern that the economy will tip into a recession.
TECH OUTLOOK:
Euro chart pattern indicates the currency to have an downward correction for the day .Trading range for the day is expected to lie between 1.5650-1.5760 levels. Good support is seen at 1.5620 and key resistance for the currency is seen at 1.5780 levels. currency is seen trading below the moving averages giving bearish crossovers. Falling stochastic and momentum are confirming the downtrend for the day.
Pound is expected to be on a bear note for the day .Trading range is expected between 1.9660 -1.9830 levels for the day. support for the currency is seen at 1.9640 levels and resistance at 1.9850 levels for the day. currency is seen trading below the fast moving average .stochastic and momentum are trending down hinting downside movement.
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