Euro weighed down by Trichet comments that highlighted risks to the downside for economic growth .ECB held rates at 4.25% Also weighing was the July German Industrial Orders coming in worse at -1.7% vs. a forecast of 0.4%. Looking ahead for German Industrial Output is seen at -0.5% . Sterling enjoyed a brief rally before and just after the Bank Of England held rates at 5.25% but fell broadly. Strong US data and heavy GBP/JPY selling pulled cable down.
Tech Outlook:
EURO R1: 1.4380 S1: 1.4180
R2: 1.4420 S2:1.4150
Euro shows no signs of reversal and continues to be in bear note. Currency is expected to Trade in the range of 1.4190-1.4360 levels for the day. Stochastic and momentum are hinting towards a slight upward correction.
GBP R1: 1.7730 S1: 1. 7500
R2: 1.7740 S2: 1. 7480
Pound chart pattern signals the possibility of slight correction .Currency is expected to trade in the range of 1.7510-1.7690 levels. Momentum is seen trending up but currency is still trading below the moving averages.
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