Euro Rumors of a terrible Non Farm number saw the Euro surge from 1.2560 to 1.2700 in Europe. New stock market lows saw the Euro fall off the 1.2700 level. Supporting the Euro was the large rally in Oil on speculation OPEC will cut at their next meeting. Looking ahead for March Sentix is forecast at -38 vs. -36 previously. Sterling tracked the Euro higher but fell off the 1.4300 level to ending 1.41 as the BOE plan to Quantitative Ease left sentiment fragile at best. February PPI jumped 0.6% vs. 0.1% forecast.
Technical Outlook:
EURO R1: 1.2750 S1:1.2570
R2: 1.2780 S2:1.2560
Chart pattern hints a small upward correction for the day . Trading range for the day is expected between 1.2590-1.2740 levels for the day. Currency is trading between the moving average giving mixed outlook . Long term trend indicator Momentum and stochastic are seen pointing up hinting towards a small upward correction before the fall.
R2: 1.2780 S2:1.2560
Chart pattern hints a small upward correction for the day . Trading range for the day is expected between 1.2590-1.2740 levels for the day. Currency is trading between the moving average giving mixed outlook . Long term trend indicator Momentum and stochastic are seen pointing up hinting towards a small upward correction before the fall.
GBP R1: 1.4160 S1: 1. 3970
R2: 1.4180 S2: 1. 3950
Chart pattern signals small bearish correction for the day. Trading range is expected between 1.3980-1.4150 levels for the day. RSI and stochastic are seen trending down giving bearish signals but Currency is trading above the the moving average giving a caution signal.
R2: 1.4180 S2: 1. 3950
Chart pattern signals small bearish correction for the day. Trading range is expected between 1.3980-1.4150 levels for the day. RSI and stochastic are seen trending down giving bearish signals but Currency is trading above the the moving average giving a caution signal.
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