Euro tracked lower although markets were thin as Europe had a bank holiday on Friday. US data added pressure denying any relief rally into the weekend. Euro declined amid hopeful signals on the U.S. economy, falling oil prices and gloom about the European economic outlook. Looking ahead, Euro zone Trade Balance expected to be +0.5 Billion in June. Sterling bounce off support at 1.8520 trading up to 1.8680 as market was seen a little short after large waves of selling early in the week. pound slid on speculation a recession will force the Bank of England to cut interest rates. Right move House Price Index down -2.3% in July. Public holiday in UK.
Tech View:
EURO: R1: 1.4810 S1:1.4640
R2: 1.4844 S2:1.4590
chart pattern signals a mixed trend for the day with the trading range between 1.4650-1.4780.Stochastic remains in the oversold area and is also seen trending up. Caution is required as it is seen trading below the fast moving averages.
R2: 1.4844 S2:1.4590
chart pattern signals a mixed trend for the day with the trading range between 1.4650-1.4780.Stochastic remains in the oversold area and is also seen trending up. Caution is required as it is seen trading below the fast moving averages.
GBP :R1: 1.8760 S1:1.8570
R2: 1.8795 S2:1.8510
chart pattern indicates the currency to be on a mixed note. Trading range for the day is expected between 1.8580-1.8750 levels .Stochastic indicates the currency to give a slight upward correction for the day but the currency still trades below the fast moving average giving a caution signal.
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