Euro drifted downbut sterling performed better-jan 30.

Euro a slew of economic data pointed to a continued depressed economy with record lows sentiment readings and German Unemployment jumping 56K in December. Also weighing was an article by George Soros questioning the survivability of the EURO during the economic crisis unless a global bad bank was created. Looking ahead for Euro zone Inflation forecast at 1.4% in January and the December Unemployment rate is forecast to rise to 7.9% from 7.8% previously . Sterling was one of the better performing currencies shrugging off GBP/JPY selling to gain against the USD and EUR as the market covered shorts and the Pound rally continued. . Looking Ahead for December Consumer Credit seen at 0.7b vs. 0.75b previously

Technical Outlook:

EURO R1: 1.3040 S1:1.2810
R2: 1.3060 S2:1.2780
chart pattern shows a bearish movement . Trading range for the day is expected between 1.2820-1.3020 levels for the day. Momentum and stochastic are seen trending down giving bearish outlook. Currency is trading below the moving average giving bearish outlook.

GBP R1: 1.4340 S1: 1. 4030
R2: 1.4360 S2: 1. 4020
chart pattern gives a bearish outlook. Trading range is expected between 1.4080-1.4320 levels for the day. Currency is trading on the moving average and Momentum and stochastic are seen trending down giving bearish outlook.