Euro found strength on the downbeat US data gaining across the board. . Helping Euro was reported comments from Trichet that he had no plans for a zero interest rate policy. Sterling rallied into the weekend but reaction to a new Banking bailout plan was mixed and EUR/GBP rallied into the close. The cable rally ran into resistance at the key 1.5000 level and selling was intensified as equities fell in early US trade.
Tech Outlook:
EURO R1: 1.3460 S1:1.3260
R2: 1.3480 S2:1.3240
chart pattern indicates the currency to give a small upward correction for the day. Trading range for the day is expected between 1.3280-1.3450 levels for the day. Momentum is seen trending up giving bullish signals and stochastic is also supporting the same.
GBP R1: 1.5000 S1: 1. 4720
R2: 1.5020 S2: 1. 4700
chart pattern shows the currency to remain on a bullish note for the day. Trading range is expected between 1.4740-1.4980 levels for the day. Currency is trading above the moving average and stochastic is also seen trending up giving bullish crossovers .
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