Euro Initial Asian gains were reversed brutally in Europe and continued into the US session. Year lows on the Euro were hit below 1.4100 as Oil slumped to $104.70 . Looking Ahead for August Trade Balance with a forecast at 17.5 Billion slightly weaker than 18.1 Billion. Sterling the reversal in cable was pronounced losing over 400 pips from the day highs as UK data came in weak. August PPI fell more than expected at -2.0% vs. forecasts of -1.2% and showed inflation is moderating opening up the possibility of early rate cuts to prop up the stalling economy. Looking ahead for July Industrial Orders are expected to fall -0.1% and the August Manufacturing production is expected to fall -1.1% vs. -1.3% in July.
Tech outlook:
EURO R1: 1.4135 S1: 1.4000
R2: 1.4200 S2:1. 3990
Euro continues to move towards the bear territory . Currency is expected to Trade in the range of 1.4040-1.4140-levels for the day. Stochastic is seen trending down but a ray of hope is given by Momentum which is seen trending up supporting a small upside correction.
EURO R1: 1.4135 S1: 1.4000
R2: 1.4200 S2:1. 3990
Euro continues to move towards the bear territory . Currency is expected to Trade in the range of 1.4040-1.4140-levels for the day. Stochastic is seen trending down but a ray of hope is given by Momentum which is seen trending up supporting a small upside correction.
GBP R1: 1.7680 S1: 1. 7420
R2: 1.7700 S2: 1. 7400
Pound slips back to bearish territory and is expected to give a upward rally .Currency is expected to trade in the range of 1.7430-1.7660 levels. Momentum is seen trending up but stochastic is showing possibility downside correction.
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