The Euro led the rebound in Europe on ECB’s hawkish comments The rally was short-lived however as selling pressure reemerged and Gold collapsed $30. German Wholesale prices posted 9.9% in July its highest point in over a decade. Looking ahead for French CPI is expected at -0.2%. Sterling waxed and waned with USD strength. UK July PPI showed a decline of -0.6% sparking hopes that inflation had peaked. June Trade balance was -7.7 . Looking ahead for July CPI which is expected at -0.3%. Also the Retail Price Index is forecast at 4.9%.
Tech Outlook:
EURO is expected to be downtrend for the day. trading range for the day is expected between 1.4830-1.4940 levels for the day. support for the day is seen at 1.4800 levels and resistance is seen by 1.4950 for the day. Momentum is seen at giving slight upward correction in near term. The movement of the currency in upwards would be technically possible by breaching 1.5020 levels in near term.
GBP is expected to be on down trend for the day. currency lends support at 1.8980 levels and holds its resistance at 1.9150 levels . Trading range is expected between 1.8985-1.9145 levels for the day. Stochastic remains still in oversold area there by hinting towards the continuation of downtrend for the day and currency is also seen trading below the fast moving averages
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