Euro broke higher following stocks to breach 1.2900. Earlier in Europe some weakness was seen as China released some further poor news. Underpinning the move higher was the large move in Oil up over 9%. Looking ahead for January Retail Sales forecast 0.2% vs. 0% previously. Also, February German WPI previously at -0.4%. Sterling had a volatile day as selling into early Europe tested the downside before the equity rally reversed direction violently and the pair finished above 1.3900. GBP/CHF surged over 600 points.
Technical Outlook:
EURO R1: 1.3010 S1:1.2830
R2: 13030 S2:1.2820
Chart pattern hints a upward correction for the day . Trading range for the day is expected between 1.2840-1.2990 levels for the day. Currency is trading well above the moving average giving bullish crossover. Long term trend indicator Momentum and stochastic are confirming the outlook.
R2: 13030 S2:1.2820
Chart pattern hints a upward correction for the day . Trading range for the day is expected between 1.2840-1.2990 levels for the day. Currency is trading well above the moving average giving bullish crossover. Long term trend indicator Momentum and stochastic are confirming the outlook.
GBP R1: 1.3980 S1: 1. 3840
R2: 1.4010 S2: 1. 3830
Chart pattern signals sideways to downward correction for the day. Trading range is expected between 1.3850-1.3970 levels for the day. RSI and stochastic are seen trending down and Currency is trading between the moving average only a break on either sides can confirm trend.
R2: 1.4010 S2: 1. 3830
Chart pattern signals sideways to downward correction for the day. Trading range is expected between 1.3850-1.3970 levels for the day. RSI and stochastic are seen trending down and Currency is trading between the moving average only a break on either sides can confirm trend.
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