Pound and Euro Fell Versus Dollar -sep01.

Euro tracked Oil movements closely gaining as oil rose to over $118 a barrel but fell heavily as Oil came off and US data supported. August CPI showed a drop to 3.8% as Energy prices dropped. Consumer Confidence remained low at -19 vs. -20 in July. Looking ahead for German Retail Sales which is expected down by -0.1% in July from -1.4% in June. Final Euro zone August PMI is expected to remain 47.5. Sterling was again the big loser . Continuing bad press and talk of recession is leaving the pound with little friends in the market. Looking ahead for August Service PMI which is expected to remain poor at 44 down from 44.3 in July. Also for the release of July Consumer Credit, which is expected to fall to .80 Billion from .87 Billion in June.

Tech Outlook:

EURO R1: 1.4680 S1: 1.4540
R2: 1.4700 S2:1.4530
Euro is expected to give a bear move for the day. Trading range for the day is expected between 1.4560-1.4660 levels for the day. Stochastic is seen trending down giving indication of further downside movement.

GBP R1: 1.8200 S1: 1. 7960
R2: 1.8220 S2: 1. 7950
chart pattern gives indication of a bear note for the day. Trading range is expected between 1.7980-1.8180 levels . Currency is seen trading below the moving averages and is expected to test the lower Bollinger levels for the day.