Euro traded lower as risk aversion hurt sentiment with both the Yen and Dollar gaining. Continued ECB rate cut speculation and recent weak data has kept the Euro pressured. Sterling found strength in a report from the Telegraph calling for a bottom in the UK housing slump. Risk aversion capped gains however with the 1.5000 level continuing to elude the resurgent Cable. Changing Moods about US banks continue to affect sentiment.
Technical Outlook:
EURO R1: 1.3375 S1: 1.3160 R2: 1.3390 S2: 1.3150
Chart pattern hints towards a bearish move. With the trading range of 1.3178-1.3350 levels for the day. Stochastic has given bearish crossover and is pointing down supported by momentum. Currency is holding support at the moving average level of 1.3240 if that is breached then there is a confirmation of bear note.
Chart pattern hints towards a bearish move. With the trading range of 1.3178-1.3350 levels for the day. Stochastic has given bearish crossover and is pointing down supported by momentum. Currency is holding support at the moving average level of 1.3240 if that is breached then there is a confirmation of bear note.
GBP R1: 1.4960 S1: 1. 4760 R2: 1.5000 S2: 1. 4750
Chart pattern signals a small downward correction for the day. Trading range is expected between 1.4790-1.4950 levels for the day. RSI and stochastic are seen trending down from the over bought levels .Currency is trading above the moving averages giving a caution signal.
Chart pattern signals a small downward correction for the day. Trading range is expected between 1.4790-1.4950 levels for the day. RSI and stochastic are seen trending down from the over bought levels .Currency is trading above the moving averages giving a caution signal.
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