Euro ended above the 1.3000 level but was rejected from the noted resistance at 1.3080. EUR/JPY rebounded in anticipation of the financial rescue plan from the US will stabilize the banking sector. The German Trade Balance shrank in December to 10.7B vs. 10.9B previously. Sterling in line with other majors slipped in Asia before recovering and extending gains in New York on better than expected results from Barclays Bank. Looking ahead for December Trade Balance forecast at -8.1bn vs. -8.33bn previously.
Technical Outlook:
EURO R1: 1.3020 S1:1.2730
R2: 1.3030 S2:1.2720
chart pattern hints bearish note for the day . Trading range for the day is expected between 1.2750-1.2980 levels for the day. Currency is seen trading between the fast and slow moving average giving mixed outlook. Stochastic and momentum are seen trending down and parabolic is also supporting the bearish note.
EURO R1: 1.3020 S1:1.2730
R2: 1.3030 S2:1.2720
chart pattern hints bearish note for the day . Trading range for the day is expected between 1.2750-1.2980 levels for the day. Currency is seen trading between the fast and slow moving average giving mixed outlook. Stochastic and momentum are seen trending down and parabolic is also supporting the bearish note.
GBP R1: 1.4960 S1: 1. 4660
R2: 1.4980 S2: 1. 4650
chart pattern signals a bearish note for the day. Trading range is expected between 1.4690-1.4950 levels for the day. Currency is trading above the moving average and Momentum and stochastic are seen trending down giving bearish crossover but the trend can be confirmed only with the break of 1.4710.
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