Euro concerns about EU inflation were highlighted by German Inflation at 10 year lows and comments from ECB member Notwonty about the possibility of further rate cuts. Sterling fell in sympathy with Euro finding support near 1.4600 but struggling to test 1.4700 in light trading.
Technical View:
EURO R1: 1.3270 S1: 1.3080
R2: 1.3280 S2: 1.3060
Chart pattern hints towards a small downside correction for the day. Currency is expected to trade in the range of 1.3100-1.3250 levels for the day .Stochastic is seen trending down and currency is seen on a sell off note but caution required as market is likely to give a small upward correction before the fall.
GBP R1: 1.4760 S1: 1. 4560
R2: 1.4780 S2: 1. 4550
Chart pattern signals a mixed note for the day. Trading range is expected between 1.4580-1.4740 levels for the day. RSI and stochastic are seen trending down and Currency is trading between the moving averages giving a mixed signal. Chart pattern shows a flag pattern break on either side is needed for confirmation
No comments:
Post a Comment