Euro continued to come under pressure as the market focuses on Thursday’s Rate Decision with 0.5% the consensus but some looking for a 0.75% cut. Also weighing on the Euro was concern over Ireland and Greece Sovereign debt been put on rating watch by S&P. Sterling continued to come under pressure as GBP/JPY selling forced the cable below 1.5000. Stops were hit under the pivot level and selling accelerated down to 1.48 supports. Looking ahead for November Trade Balance forecast at -7.5 .
Technical Outlook:
EURO R1: 1.3450 S1:1.3240
R2: 1.3480 S2:1.3230
chart pattern indicates the currency to give bearish note for the day. Trading range for the day is expected between 1.3250-1.3430 levels for the day. Momentum is seen trending down giving bearish signals and currency is also trading below the moving averages supporting the bear note but stochastic is giving caution signal.
R2: 1.3480 S2:1.3230
chart pattern indicates the currency to give bearish note for the day. Trading range for the day is expected between 1.3250-1.3430 levels for the day. Momentum is seen trending down giving bearish signals and currency is also trading below the moving averages supporting the bear note but stochastic is giving caution signal.
GBP R1: 1.4930 S1: 1. 4660
R2: 1.4950 S2: 1. 4650
chart pattern shows the currency to remain on bear note for the day. Trading range is expected between 1.4680-1.4930 levels for the day. Currency is trading below the moving average and stochastic is also seen trending down but caution is given by parabolic which is supporting bull note .
R2: 1.4950 S2: 1. 4650
chart pattern shows the currency to remain on bear note for the day. Trading range is expected between 1.4680-1.4930 levels for the day. Currency is trading below the moving average and stochastic is also seen trending down but caution is given by parabolic which is supporting bull note .
No comments:
Post a Comment