Euro continued to rise rapidly as sentiment improved and Eurozone confidence improved. Of concern was German GDP Growth was downgraded to -6.0% vs. -2.25% initially. The pair rallied to above 1.3300 before easing into the US close. . Looking ahead, April German Unemployment Rate forecast at 8.3% vs. 8.1% Previously. Sterling tracked the EURO higher with the GBP/JPY especially buoyant. EUR/GBP remained in a tight range which underpinned the relationship of the majors. Looking ahead for April Nationwide House prices are forecast at -1.3% vs. 0.9% previously.
Technical Outlook:
EURO R1: 1.3090 S1: 1.3120
R2: 1.3120 S2: 1.3100
Chart pattern hints towards a bullish consolidation for the day. With the trading range of 1.3140 -1.3370 levels for the day. Currency is trading above the moving averages showing slight bullishness and parabolic and stochastic are also supporting it.
R2: 1.3120 S2: 1.3100
Chart pattern hints towards a bullish consolidation for the day. With the trading range of 1.3140 -1.3370 levels for the day. Currency is trading above the moving averages showing slight bullishness and parabolic and stochastic are also supporting it.
GBP R1: 1.4910 S1: 1. 4600
R2: 1.4920 S2: 1. 4590
Chart pattern shows bullish note for the day. Trading range is expected between 1.4620-1.4900 levels for the day. RSI and stochastic are seen trending up .Currency is trading above the moving averages confirming the bull note.
R2: 1.4920 S2: 1. 4590
Chart pattern shows bullish note for the day. Trading range is expected between 1.4620-1.4900 levels for the day. RSI and stochastic are seen trending up .Currency is trading above the moving averages confirming the bull note.
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