Euro although initially bid into the US open on weak US data the Euro fell heavily for the remaining part of the day on speculation that the Bailout plan was close to implementation. Bounced off lows as oil popped higher into the US close. German GFK consumer climate was slightly better at 1.8 vs. 1.3 expected in October. Looking ahead for German Import prices seen at -1% . Sterling fell heavily as it broke the downside support at 1.8500 on USD strength. Cable was the heaviest against the USD yesterday as UK fundamentals still point to a weak economic picture.
Tech Outlook:
EURO: R1: 1.4730 S1: 1.4550
R2: 1.4750 S2:1. 4540
Euro is expected to be on a mixed note for the day. Currency is expected to Trade in the range of 1.4570-1.4720 levels for the day. Stochastic and momentum are seen trending down supporting the bear note but caution required as currency is seen trading above the moving averages.
GBP R1: 1.8650 S1: 1.8450
R2: 1.8670 S2: 1.8430
pound is expected to trade mixed with the trading range of 1.8290-1.8480 levels. Stochastic and Momentum are seen trending down hinting towards a small downside correction. Market is trading between the fast and slow moving averages but parabolic is giving bullish signals .
No comments:
Post a Comment