Euro gained again today after falling back on Thursday, surging towards the 1.4500 level into the weekend. Large gains in Oil and USD weakness the driving factors. German PPI in August fell -0.6% as cheaper oil filtered through the economy. Sterling continued its recovery from multi year lows and surged higher on USD weakness. The brake and close above the 1.80 levels suggest that freefall that the pound has experienced may be bottoming in the short term. Looking ahead for September Nationwide House Price expected to fall -1.6% M/M
Tech Outlook:
EURO: R1: 1.4620 S1: 1.4380
R2: 1.4650 S2:1. 4350
Euro is expected to trade on a bull note. With the trading range expected between 1.4420-1.4580 levels . currency is seen trading above the moving averages and stochastic is also supporting the bull note. parabolic is also giving bullish signals .
GBP R1: 1.8480 S1: 1. 8240
R2: 1.8500 S2: 1.8230
pound is expected to have a bullish note with the trading range of 1.8250-1.8460 levels. Stochastic is giving bullish signals supported by Momentum and market is also seen trading above the moving averages .
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