The Euro traded lower as EUR/JPY was sold hard in the Asian session then continued to track lower before US data allowed a recovery. German Industrial Production was considerable weaker than expected at -1.8% vs. forecasts of -0.5%. The dollar dipped against the Euro on speculation that reports this week on U.S. home and retail sales will see a decline· The Sterling pretty much tracked the Euro losing heavily via the GBY/JPY in Asian and rebounding as US Unemployment jumped to 6.1%. Sterling was also able to gain against the Euro as the rebound became a broad based Pound rally. Looking ahead for August PPI is released expected lower at -1.2% as cheaper Oil filters through the economy.
Tech Outlook:
EURO R1: 1.4525 S1: 1.4260
R2: 1.4550 S2:1.4230
Euro market trimmed its losses and is expected to give a bull move for the day . Currency is expected to Trade in the range of 1.4280-1.4500 levels for the day. Stochastic and Momentum are seen trending up supporting the bull note.
GBP R1: 1.8080 S1: 1. 7810
R2: 1.8100 S2: 1. 7790
Pound has reversed its losses and is expected to give a upward rally .Currency is expected to trade in the range of 1.7830-1.8060 levels. Momentum and stochastic have taken good support and is seen trending up and currency has already tested the first parabolic resistance level.
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