Euro was unable to take advantage of the weak US data as Europe’s banking problems took precedence. Fortis, Hypo and Dexia banks all required immediate funding and this helped the Euro to weaken into the weekend. August Sales were better than expected at +0.3% vs. 0.1% forecast. Looking ahead for October Sentix is seen at -27 . Sterling tracked the Euro lower as the USD strengthened and UK banking sector was also put under the spotlight. September Services were weaker than expected at 46 vs. 48 expected.
Tech outlook:
EURO: R1: 1.3730 S1: 1.3570
R2: 1.3750 S2:1.3550
Euro is expected to give a downside correction for the day. Currency is expected to Trade in the range of 1.3590-1.3720 levels for the day. Stochastic and momentum are seen trending down and are signaling towards the bear note .Currency is also seen trading below the moving averages.
GBP R1: 1.7670 S1: 1.7500
R2: 1.7690 S2: 1.7490
pound is expected to trade in red with the trading range of 1.7510-1.7650 levels. Stochastic and momentum are seen trending down and are signaling towards the bear note .Currency is also seen trading below the moving averages.
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