Euro traded in an extremely volatile fashion gaining to highs in the Asian session before been sold off quite heavily in illiquid conditions falling over 400 pips. Q2 Labor Costs fell to 2.7% from 3.3%. Looking ahead for Euro zone August CPI is expected down -0.2%. Also released September ZEW Economic Sentiment expected at -53 from -55.5. Sterling also traded in an extremely volatile fashion breaking above 1.80 early Asia before falling heavily on GBY/JPY sales. GBY/JPY fell over 600 pips from Friday nights close. August CPI is expected to rise 0.5%. August Retail Price Index expected to gain 0.4%
Tech Outlook:
EURO R1: 1.4350 S1: 1.4080
R2: 1.4360 S2:1. 4040
Euro is expected to have a volatile day with mixed trend. Currency is expected to Trade in the range of 1.4103-1.4320-levels for the day. Stochastic is giving slight correction downside .Momentum is seen in a neutral level but more inclined towards an upward correction.
GBP R1: 1.8060 S1: 1. 7850
R2: 1.8080 S2: 1.7830
pound is expected to stay on a mixed note with the trading range of 1.7860-1.8050 levels. Momentum is supporting the bull note for the day. stochastic is seen flat and Currency is also seen trading above the moving averages.
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