euro weakened on expectations ECB President will signal further interest rate-cuts when he speaks before the Committee on Economic and Monetary Affairs today. The 16-nation currency declined amid speculation leaders from the Group of 20 nations, who meet on April 2 in London, will fail to agree on fiscal measures to counter the slump. European officials earlier this month said they had spent enough money to combat the financial crisis and don’t want to blow out their budgets.
EURO R1: 1.3340 S1:1.3090
R2: 1.3360 S2:1.3060
chart pattern indicates the currency to move on bear run for the day. Trading range for the day is expected between 1.3140-1.3310levels for the day. Day Stochastic signals for slight downward correction for the day .Overall the currency is seen on buy side today. Yet the parabolic hints for a slight upward correction in near term .
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