Euro was able to rebound sharply once again after testing below 1.3000 in Europe. German CPI was flat 0.0%m/m in April. Comments pouring cold water on QE speculation also help buoy the single currency in New York. Looking ahead, April Eurozone Consumer Confidence is forecast at -33 vs. -34 previously. Sterling found support below 1.46 before rebounding on better than expected economic data. CBI Distributive trades at +3 vs. -40 the first positive reading since last year.
Technical Outlook:
EURO R1: 1.3280 S1: 1.3080
R2: 1.3300 S2: 1.3050
Chart pattern shows the possibility of bullish correction for the day. With the trading range of 1.3100 -1.3260 levels for the day. Currency is trading above the moving averages showing slight bullishness and stochastic are seen trending up indicating a upside correction for short term but long term bearish trend remains intact as parabolic is holding on the bear note and directional indicators are also pointing down.
GBP R1: 1.4780 S1: 1. 4560
R2: 1.4800 S2: 1. 4540
Chart pattern shows a mixed note with a tight range . Trading range is expected between 1.4590-1.4750 levels for the day. Stochastic is seen trending up but the Currency is still trading below moving averages and directional movement indicator is also confirming the bear note.
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