Euro continued its recent rally although trading was volatile as German data beat expectations. German IFO in January jumped to 83 vs. 81.3 previously. The market tested 1.3300 on the back of this but pulled back as profit taking emerged. Looking ahead for February German GFK consumer confidence is expected at 2 vs. 2.1 previously. Sterling consolidated the 5 big figure gains from Monday before pushing on in Europe as the market ceased the relentless pressure on the pound. January CBI distributive trades beat forecasts of -49 coming at -53
Technical Outlook:
EURO R1: 1.3390 S1:1.3130
R2: 1.3420 S2:1.3110
chart pattern hints towards a bull note . Trading range for the day is expected between 1.3150-1.3380 levels for the day. Momentum and stochastic are seen trending up giving bullish outlook. Currency is trading above the moving average giving bullish crossovers.
EURO R1: 1.3390 S1:1.3130
R2: 1.3420 S2:1.3110
chart pattern hints towards a bull note . Trading range for the day is expected between 1.3150-1.3380 levels for the day. Momentum and stochastic are seen trending up giving bullish outlook. Currency is trading above the moving average giving bullish crossovers.
GBP R1: 1.4400 S1: 1. 4130
R2: 1.4420 S2: 1. 4120
chart pattern shows a bull trend for the day. Trading range is expected between 1.4140-1.4390 levels for the day. Currency is trading above the moving average Momentum and stochastic are seen trending up supporting the bullish outlook
R2: 1.4420 S2: 1. 4120
chart pattern shows a bull trend for the day. Trading range is expected between 1.4140-1.4390 levels for the day. Currency is trading above the moving average Momentum and stochastic are seen trending up supporting the bullish outlook
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