Dollar pulled back against the Euro and stayed on pause versus other major currencies as traders weighed a flurry of somewhat troubling economic reports from the US. Euro recovered after the release of data showing that the recent decrease in oil prices. British pound traded near a two-year low on speculation that the Bank of England will speak in minutes of its last policy meeting that it expects inflation to ease, adding to the case for a cut in interest rates.
Tech outlook
EURO R1: 1.4860 S1: 1.4680
R2: 1.4890 S2:1.4650
Euro is expected to be on consolidation phase for the day. Trading range for the day is expected between 1.4720-1.4850 levels for the day. Stochastic is hinting for the upward movement of the currency for the day. Momentum also supports the upward correction for the day.
GBP R1: 1.8690 S1: 1.8610
R2: 1.8710 S2: 1.8580
chart pattern is expected to be on downtrend for the day. Trading range is expected between 1.8620-1.8680 levels for the day. the ripples of downtrend is seen till its support levels and breach of it would test further new lows but momentum hints for slight upward correction in near term
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