Demand for the Euro also weakened on speculation ECB policy makers this week will signal the central bank may lower interest rates and pump additional money into the economy to push down borrowing costs and counter the recession. Pound was one of the least active pears after several sessions of volatile trading, the sterling seems to be out of steam.
Technical Outlook:
EURO R1: 1.3090 S1: 1.2910
R2: 1.3120 S2: 1.2880
Chart pattern hints towards the possibility of small downward correction for the day. With the trading range of 1.2920 -1.3080 levels for the day. Currency is trading above the moving averages showing slight bullishness but parabolic is pointing down and stochastic are seen trending down giving bearish crossover.
GBP R1: 1.4680 S1: 1. 4460
R2: 1.4710 S2: 1. 4420
Chart pattern shows a bearish note for the day. Trading range is expected between 1.4480-1.4670 levels for the day. RSI and stochastic are seen trending down .Currency is trading below moving averages confirming the bear note.
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