Euro tested lows during the Asian session weak, US data and Stocks allowed the single currency to rally above 1.4200 before large losses in Oil pulled the pair lower. Sterling was able to recover from heavy selling tracking the Euro higher and shrugging off poor data. July Manufacturing Production fell -0.2% and July Industrial Production fell -0.4% . Looking ahead for July Trade Balance is expected at -7.5 Billion.
Tech Outlook:
EURO R1: 1.4260 S1: 1.4040
R2: 1.4280 S2:1. 4020
Euro is expected to trade in a mixed note for the day . Currency is expected to Trade in the range of 1.4070-1.4240-levels for the day. Stochastic is seen trending up and momentum remains silent on the issue.
GBP R1: 1.7780 S1: 1. 7540
R2: 1.7790 S2: 1. 7520
Pound is expected to give a upward rally .Currency is expected to trade in the range of 1.7560-1.7760 levels. Momentum is seen trending up and stochastic is also seen on a bull note.
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