Euro orbited the 1.2900 level but struggled to make further gains with profit taking and heavy resistance above 1.2950 discouraging attempts higher. January Euro zone Retail Sales rose 0.1% vs. 0.2% forecast. . Looking ahead, February Inflation is forecast at 0.4% vs. -0.8%. Also today ECB Trichet Speaks. Sterling with no data out on Friday the GBP took its cue from the share market pushing higher back above 1.4000.
Technical Outlook:
EURO R1: 1.2990 S1:1.2810
R2: 13020 S2:1.2790
Chart pattern hints towards a mixed outlook for the day . Trading range for the day is expected between 1.2820-1.2980 levels for the day. Currency is trading well above the moving average giving bullish outlook but the Momentum is getting weakened at 1.2988 levels giving indication for a downward correction.
R2: 13020 S2:1.2790
Chart pattern hints towards a mixed outlook for the day . Trading range for the day is expected between 1.2820-1.2980 levels for the day. Currency is trading well above the moving average giving bullish outlook but the Momentum is getting weakened at 1.2988 levels giving indication for a downward correction.
GBP R1: 1.4120 S1: 1. 3930
R2: 1.4140 S2: 1. 3900
Chart pattern signals a bullish correction for the day. Trading range is expected between 1.3940-1.4110 levels for the day. RSI and stochastic are seen trending up and Currency is trading above the moving averages confirming the bull note.
R2: 1.4140 S2: 1. 3900
Chart pattern signals a bullish correction for the day. Trading range is expected between 1.3940-1.4110 levels for the day. RSI and stochastic are seen trending up and Currency is trading above the moving averages confirming the bull note.
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