Euro found support in Asia and early Europe before again reversing direction in the US session as Oil eased and traders took profits. EUR/GBP again had a run up to the 98 level before also receding back from the lofty levels. Euro zone Private Loans were at 7.1% vs. 7.8 previously. Sterling bounced off year lows as the EUR found strength but was under pressure and couldn’t hold above 1.45. EUR/GBP traded above 0.9800 catching the markets attention.
Technical outlook:
EURO R1: 1.4230 S1:1.3850
R2: 1.4280 S2:1.3830
chart pattern indicates the currency to give bearish note for the day. Trading range for the day is expected between 1.3880-1.4200 levels for the day. Stochastic is seen trending down giving bearish signals and currency is also trading below the moving averages supporting the bear note.
GBP R1: 1.4560 S1: 1. 4340
R2: 1.4580 S2: 1. 4320
chart pattern shows the currency to be on a bearish note for the day. Trading range is expected between 1.4360-1.4550 levels for the day. Currency is seen trading below the moving average and parabolic is also supporting the bear note but momentum is trending up giving room for small upward correction.
EURO R1: 1.4230 S1:1.3850
R2: 1.4280 S2:1.3830
chart pattern indicates the currency to give bearish note for the day. Trading range for the day is expected between 1.3880-1.4200 levels for the day. Stochastic is seen trending down giving bearish signals and currency is also trading below the moving averages supporting the bear note.
GBP R1: 1.4560 S1: 1. 4340
R2: 1.4580 S2: 1. 4320
chart pattern shows the currency to be on a bearish note for the day. Trading range is expected between 1.4360-1.4550 levels for the day. Currency is seen trading below the moving average and parabolic is also supporting the bear note but momentum is trending up giving room for small upward correction.
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