Euro managed to rally up to resistance at 1.3000 before Fitch warned on Austria’s outlook and ECB President Trichet spoke of the deterioration of the Euro zone economy. Weak US stocks added to the pressure and the pair finished at supports around 1.2700. Looking ahead for December Industrial Orders forecast to fall -5% vs. -4.5% previously. Sterling gained against all currencies with the market beginning to focus on other economies. Looking ahead for February CBI distributive trades forecast at -52 vs. -47 previously
Technical Outlook:
EURO R1: 1.2790 S1:1.2440
R2: 1.2820 S2:1.2420
Chart pattern hints sideways to bull note for the day . Trading range for the day is expected between 1.2620-1.2820 levels for the day. Currency is trading between the fast and slow moving average giving sideways direction .Momentum indicators are pointing up giving room for small upward correction.
R2: 1.2820 S2:1.2420
Chart pattern hints sideways to bull note for the day . Trading range for the day is expected between 1.2620-1.2820 levels for the day. Currency is trading between the fast and slow moving average giving sideways direction .Momentum indicators are pointing up giving room for small upward correction.
GBP R1: 1.4640 S1: 1. 4450
R2: 1.4660 S2: 1. 4440
Chart pattern signals a bullish movement for the day. Trading range is expected between 1.4480-1.4630 levels for the day. Currency is trading below the the moving average and Momentum and stochastic are seen trending up giving bullish signals supported by parabolic.
R2: 1.4660 S2: 1. 4440
Chart pattern signals a bullish movement for the day. Trading range is expected between 1.4480-1.4630 levels for the day. Currency is trading below the the moving average and Momentum and stochastic are seen trending up giving bullish signals supported by parabolic.
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