Greenback has been stuck near a record low against the Euro as investors have fretted about steep oil prices, more sub prime mortgage troubles at U.S. banks and the Fed possibility of keeping interest rates on hold to nurture the economy. Sterling dropped on poor trade Balance data from U.K. market
TECH OUTLOOK:
Euro chart pattern hints towards a mixed trend to continue for the day. With the trading range of 1.5620-1.5750 levels. With good support seen at 1.5600 levels and key resistance for the currency is seen at 1.5780.Currency is seen trading well below the fast moving averages and Momentum is also seen trending down supporting the bear trend but stochastic at neutral territory remains silent on the issue.
Pound is expected to give a small upward correction for the day .With the trading range between 1.9640-1.9785.Good support is seen at 1.9620 levels and key resistance for the currency is seen at 1.9790 levels. Stochastic and Momentum are trending up giving cues for a upward correction but currency get a caution from moving averages below which it is trading.
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