The Euro Jumped higher as the USD came under broad pressure into the weekend. News that China may diversify its FX reserves also helped to buoy the Euro. July Industrial Production was confirmed weak at -0.3% from -0.2% expected. Looking ahead for Q2 Labor Costs release. The Sterling rebounded in line with the Euro as the USD was weakened. GBP/JPY gains supported. UPDATE GBP/USD Breaks Above 1.80·
Tech Outlook:
EURO R1: 1.4550 S1: 1.4320
R2: 1.4560 S2:1. 4260
Euro bears have reversed there positions. Currency is expected to Trade in the range of 1.4350-1.4520-levels for the day. Stochastic and momentum is seen trending up and is expected to give a good bullish movement.
GBP R1: 1.8230 S1: 1. 8010
R2: 1.8240 S2: 1. 7950
Pound bulls are back and the Currency is expected to trade in the range of 1.8020-1.8220 levels. Momentum and stochastic are supporting the bull note for the day. Currency is seen trading above the moving averages.
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