Euro fell the most against the dollar with a drop in German business confidence and a decline in European manufacturing and services reducing expectations for European Central Bank interest-rate cuts. Looking ahead for German Consumer confidence with a forecast of 3.5 . Sterling rebounded as 2ndQuarter GDP came in at expectations 0.2% . UK Home track House Prices showed another dip, falling to -4.4% .
Tech Outlook:
EURO is expected to trade in the range of 1.5650-1.5760.With Good support seen at 1.5620 level and key resistance is seen at 1.5780 levels. Chart pattern shows the possibility of slight upward correction as stochastic is hinting towards a slight upward correction. But currency is still trading below the moving average giving a caution signal.
GBP is expected to be on a bear note for the day with the trading range of 1.9830-1.9920.With good support seen at 1.9815 levels and resistance for the currency is seen at 1.9930 levels. Chart pattern hints towards a downside correction for the day. Currency is trading below the moving average giving bearish crossovers for the day and stochastic is also trending down.
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