Euro managed small gains against the USD into the weekend. EUR/JPY provided much needed support to keep the Euro close to 1.3300. Volumes were lower than usual as most of Europe was away for May Day Holidays. Looking ahead, March German Retail Sales forecast at -0.1% vs. -0.2%. Sterling used better than expected data to surged back towards 1.5000 and helped the EUR/GBP back towards 0.8900. UK PMI Manufacturing jumped to 42.9 vs. 39.5 previously. Looking ahead, April Halifax House Prices forecast at -1% vs. -1.9% previously.
Technical Outlook:
EURO R1: 1.3420 S1: 1.3220
R2: 1.3430 S2: 1.3200
Chart pattern hints towards a bullish trend for the day. With the trading range of 1.3410 -1.3230 levels for the day. Currency is trading above the moving averages showing bullishness and parabolic and stochastic are also supporting it.
R2: 1.3430 S2: 1.3200
Chart pattern hints towards a bullish trend for the day. With the trading range of 1.3410 -1.3230 levels for the day. Currency is trading above the moving averages showing bullishness and parabolic and stochastic are also supporting it.
GBP R1: 1.5020 S1: 1. 4780
R2: 1.5040 S2: 1. 4750
Chart pattern shows bullish note for the day. Trading range is expected between 1.4790-1.5010 levels for the day. RSI and stochastic are seen trending up .Currency is trading above the moving averages and momentum is also confirming the bull note.
R2: 1.5040 S2: 1. 4750
Chart pattern shows bullish note for the day. Trading range is expected between 1.4790-1.5010 levels for the day. RSI and stochastic are seen trending up .Currency is trading above the moving averages and momentum is also confirming the bull note.
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