Euro found support at 1.3420 before rebounding on USD weakness to finish broadly supported. Comments from Weber that he doesn’t see positive growth until mid 2010 tempered enthusiasm for the single currency. Looking ahead, May German Zew Current Conditions forecast at -90 vs. -91.6 previously. Sterling was one of the biggest gainers on the improvement in risk appetite gaining against the EUR, USD and Yen to finish near month highs on all 3 pairs. May Right move House Prices increased 2.4%. GBP/JPY made large gains buoyed by the downgrade of Japans AAA debt. . Looking ahead, April CPI forecast at 0.4% vs. 0.2%.
Technical Outlook:
EURO R1: 1.3640 S1: 1.3440
R2: 1.3650 S2: 1.3420
Chart pattern shows a sideways movement for the day. With the trading range of 1.3460 -1.3630 levels for the day. Currency is trading on the moving average and parabolic is supporting the bear note but Stochastic and momentum are seen trending up.
R2: 1.3650 S2: 1.3420
Chart pattern shows a sideways movement for the day. With the trading range of 1.3460 -1.3630 levels for the day. Currency is trading on the moving average and parabolic is supporting the bear note but Stochastic and momentum are seen trending up.
GBP R1: 1.5410 S1: 1. 5230
R2: 1.5430 S2: 1. 5220
Chart pattern is expected to give a slight downward correction for the day. With the trading range of 1.5240 -1.5400 levels for the day. Stochastic and momentum are seen trending down . But Currency is trading above the moving average and RSI is seen flat .
R2: 1.5430 S2: 1. 5220
Chart pattern is expected to give a slight downward correction for the day. With the trading range of 1.5240 -1.5400 levels for the day. Stochastic and momentum are seen trending down . But Currency is trading above the moving average and RSI is seen flat .
No comments:
Post a Comment