Euro tested the critical 1.3000 level but was unable to close above as stocks retreated at the close of New York. Commodities continue to underpin Euro rise and concern about Americas Quantitative Easing plans have hurt the dollars demand. Looking ahead for German Zew Economic Sentiment is forecast at -90 vs. -86 previously .Sterling traded under 1.4000 briefly on Monday morning after Oil opened $2 lower on OPEC news before a strong rebound in Oil and sentiment dragged cable towards 1.4200.
Technical Outlook:
EURO R1: 1.3100 S1:1.2900
R2: 13120 S2:1.2890
Chart pattern hints towards a bullish outlook for the day . Trading range for the day is expected between 1.2910-1.3080 levels for the day. Currency is trading well above the moving average giving bullish outlook and momentum and parabolic are also supporting the same but caution required as currency is trading on the upper bollinger level.
R2: 13120 S2:1.2890
Chart pattern hints towards a bullish outlook for the day . Trading range for the day is expected between 1.2910-1.3080 levels for the day. Currency is trading well above the moving average giving bullish outlook and momentum and parabolic are also supporting the same but caution required as currency is trading on the upper bollinger level.
GBP R1: 1.4250 S1: 1. 4010
R2: 1.4260 S2: 1. 3980
Chart pattern signals a bullish correction for the day. Trading range is expected between 1.4020-1.4240 levels for the day. RSI and stochastic are seen trending up and Currency is trading above the moving averages confirming the bull note.
R2: 1.4260 S2: 1. 3980
Chart pattern signals a bullish correction for the day. Trading range is expected between 1.4020-1.4240 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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