Euro traded higher for the 4th day breaking above 1.3100 as Equities rallied and EU PMI’s beat estimates. Manufacturing PMI jumped to 36.7 vs. 33.9. Services jumped to 43.1 vs. 40.9 previously. Looking ahead for German IFO (April) forecast at 82.3 vs. 82.1 previously. Sterling rebounded sharply to the 1.4700 level as the bad news yesterday was ignored and traded took profits in shorts. April CBI came out -57 vs. -54 forecast. Looking ahead for Q1 GDP forecast at -1.5% vs. -1.6% previously. March Retail Sales are forecast -0.5% vs. -1.9% previously.
Technical Outlook:
EURO R1: 1.3225 S1: 1.3030
R2: 1.3240 S2: 1.3020
Chart pattern hints towards the possibility of small downward correction for the day. With the trading range of 1.3050 -1.3220 levels for the day. Currency is trading above the moving averages showing slight bullishness but parabolic is pointing down ,currency is expected to test 1.3190 levels and then give a down ward correction.
R2: 1.3240 S2: 1.3020
Chart pattern hints towards the possibility of small downward correction for the day. With the trading range of 1.3050 -1.3220 levels for the day. Currency is trading above the moving averages showing slight bullishness but parabolic is pointing down ,currency is expected to test 1.3190 levels and then give a down ward correction.
GBP R1: 1.4720 S1: 1. 4560
R2: 1.4730 S2: 1. 4550
Chart pattern shows a bearish note for the day. Trading range is expected between 1.4580-1.4710 levels for the day. RSI and stochastic are seen trending down .Currency is trading between the fast and slow moving averages
R2: 1.4730 S2: 1. 4550
Chart pattern shows a bearish note for the day. Trading range is expected between 1.4580-1.4710 levels for the day. RSI and stochastic are seen trending down .Currency is trading between the fast and slow moving averages
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