Euro relatively contained rallying on rumors that the bailout plan didn’t have enough votes before settling back to roughly where it began. Poor German IFO numbers suggest that the Euro zone could be heading for a recession. September IFO 92.9 vs. 94.2 expected. Falling Oil weighed into the US close. Looking ahead for October GFK German Confidence is expected at 1.3 from 1.5 September. Sterling tracked the Euro maintaining recent range while awaiting further developments from the US. September CBI was better than expected jumping to -27 from -46 previously.
Tech Outlook:
EURO R1: 1.4830 S1: 1.4580
R2: 1.4850 S2:1. 4550
Euro is expected to have a small bull run for the day. Currency is expected to Trade in the range of 1.4590-1.4800 levels for the day. Stochastic is giving signals for the possibility of upward correction supported by Momentum and currency is also seen trading above the moving averages.
GBP R1: 1.8650 S1: 1.8450
R2: 1.8670 S2: 1.8440
pound is expected to trade in green. with the trading range of 1.8470-1.8640 levels. Stochastic is seen flat but Momentum is still on positive territory. Market is also trading above the moving averages and parabolic is also giving bullish signals .
R2: 1.4850 S2:1. 4550
Euro is expected to have a small bull run for the day. Currency is expected to Trade in the range of 1.4590-1.4800 levels for the day. Stochastic is giving signals for the possibility of upward correction supported by Momentum and currency is also seen trading above the moving averages.
GBP R1: 1.8650 S1: 1.8450
R2: 1.8670 S2: 1.8440
pound is expected to trade in green. with the trading range of 1.8470-1.8640 levels. Stochastic is seen flat but Momentum is still on positive territory. Market is also trading above the moving averages and parabolic is also giving bullish signals .
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