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: 1.3705 S1: 1.3510
R2: 1.3750 S2: 1.3390
Chart pattern shows a range bound movement for the day. With the trading range of 1.3560 -1.3680 levels for the day. Currency is trading on the moving average break on either sides will confirm the trend and parabolic is supporting the bear note but Stochastic and momentum are seen down.
R2: 1.3750 S2: 1.3390
Chart pattern shows a range bound movement for the day. With the trading range of 1.3560 -1.3680 levels for the day. Currency is trading on the moving average break on either sides will confirm the trend and parabolic is supporting the bear note but Stochastic and momentum are seen down.
GBP R1: 1.5580 S1: 1. 5400
R2: 1.5620 S2: 1. 5380
Chart pattern is expected to give a slight downward correction and test the lower range of 1.5420 and then go for an bull run 1.5540 levels . Stochastic and momentum are seen flat . Currency is trading above the moving average and Parabolic is also supporting the bullish note.
1 comment:
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Regards,
Vinson
www.freshpips.com
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