Euro a relief rally in Asia saw the pair test 1.3000 with the failure there sending the pair back to the lower end of the range at 1.2840. January CPI was confirmed at -0.5%. Looking ahead, December Industrial Production is forecast at -2.1% vs. -1.6% previously. Also ECB President Trichet Speaks. Sterling continued to pull back as heavy EUR/GBP buying hurt demand. Unemployment was slightly better than expected at 73.8K vs. 90 forecast. Governor King spoke about England Inflation and expects a weak Pound to help with demand as England is mired in a deep recession.
Technical Outlook:
EURO R1: 1.2980 S1:1.2770
R2: 1.3010 S2:1.2750
Chart pattern hints a small bull correction for the day . Trading range for the day is expected between 1.2840-1.2980 levels for the day. Currency is seen trading above the moving average giving bullish outlook. Stochastic and momentum are seen trending up supporting the outlook.
EURO R1: 1.2980 S1:1.2770
R2: 1.3010 S2:1.2750
Chart pattern hints a small bull correction for the day . Trading range for the day is expected between 1.2840-1.2980 levels for the day. Currency is seen trading above the moving average giving bullish outlook. Stochastic and momentum are seen trending up supporting the outlook.
GBP R1: 1.4460 S1: 1. 4240
R2: 1.4480 S2: 1. 4210
Chart pattern signals a bearish crow pattern for the day. Trading range is expected between 1.4250-1.4450 levels for the day. Currency is trading below the moving average and Momentum and stochastic are seen trending down giving bearish crossover .
R2: 1.4480 S2: 1. 4210
Chart pattern signals a bearish crow pattern for the day. Trading range is expected between 1.4250-1.4450 levels for the day. Currency is trading below the moving average and Momentum and stochastic are seen trending down giving bearish crossover .
No comments:
Post a Comment