Euro Initially gaining sharply as the US market continued to look extremely fragile trading up to the 1.4500 level before consolidating. News of comprehensive action sent the Euro down against the dollar but was able to gain against the JPY as risk appetite picked up. Looking ahead for August German PPI expected at -0.4% down form 2.0% m/m in July. . Sterling received a boost from very strong retail sales in August released at 1.2%.
Tech outlook:
EURO: R1: 1.4370 S1: 1.4050
R2: 1.4390 S2:1. 4040
Euro is expected to have a very volatile day with mixed trend. Currency is expected to Trade in the range of 1.4070-1.4350-levels for the day. Stochastic is giving signals for the possibility of downside correction supported by Momentum .But caution required as as market is still trading above the moving averages.
GBP R1: 1.8220 S1: 1. 7850
R2: 1.8230 S2: 1.7830
pound is expected to have a mixed note with the trading range of 1.7860-1.8200 levels. Stochastic is giving signals for the possibility of downside correction supported by Momentum .But caution required as as market is still trading above the moving averages and parabolic is also giving bullish signals .
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