Euro took advantage of the equity rally to break above 1.2800. German IFO dropped to 82.6 vs. 83.2 previously whilst December Industrial Orders also dropped to -5.2% vs. -4.2% previously. Looking ahead for German Q4 GDP forecast to be confirmed at -2.1%. Sterling had a mixed day with the pair struggling to keep up with the gains of other currencies such as the Euro and AUD. Cable struggled to maintain 1.4500 and fell back to support at 1.4400. February CBI distributive trades were much better than forecast at -25 vs. -47 previously. Looking ahead for Q4 GDP is forecast at -1.6% vs. -1.5%.
Technical Outlook:
EURO R1: 1.2940 S1:1.2640
R2: 1.2960 S2:1.2620
Chart pattern hints sideways movement for the day . Trading range for the day is expected between 1.2660-1.2930 levels for the day. Currency is trading above the moving average but chart pattern hints a small consolidation .Momentum and relative strength index are seen flat.
R2: 1.2960 S2:1.2620
Chart pattern hints sideways movement for the day . Trading range for the day is expected between 1.2660-1.2930 levels for the day. Currency is trading above the moving average but chart pattern hints a small consolidation .Momentum and relative strength index are seen flat.
GBP R1: 1.4640 S1: 1. 4430
R2: 1.4660 S2: 1. 4420
Chart pattern signals a bullish movement for the day. Trading range is expected between 1.4440-1.4630 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. 4420
Chart pattern signals a bullish movement for the day. Trading range is expected between 1.4440-1.4630 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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