Euro lost ground as it fell off the 1.4000 handle and support from crosses dissipated. December PMI manufacturing was revised lower to 33.9 vs. 34.5. Looking ahead for January Sentix is expected at -44 vs. -42.3. Sterling rallied initially in early Asia before support faded and the pair slumped back to support at 1.45. Trading was volatile in thin markets with most looking to Monday as the first trading day of the year. November Mortgage approvals plummeted to 27K vs. 33K expected and December PMI was revised higher to 34.9 vs. 33.5 forecast.
Technical Outlook:
EURO R1: 1.3980 S1:1.3780
R2: 1.3990 S2:1.3750
chart pattern indicates the currency to give bearish note for the day. Trading range for the day is expected between 1.3790-1.3970 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.
R2: 1.3990 S2:1.3750
chart pattern indicates the currency to give bearish note for the day. Trading range for the day is expected between 1.3790-1.3970 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: 1.4590 S1: 1. 4350
R2: 1.4620 S2: 1. 4320
chart pattern shows the currency to be on a bearish note for the day. Trading range is expected between 1.4370-1.4580 levels for the day. Currency is seen trading below the moving average and parabolic is also supporting the bear note but momentum is trending flat giving caution.
R2: 1.4620 S2: 1. 4320
chart pattern shows the currency to be on a bearish note for the day. Trading range is expected between 1.4370-1.4580 levels for the day. Currency is seen trading below the moving average and parabolic is also supporting the bear note but momentum is trending flat giving caution.
No comments:
Post a Comment