Euro bounced well off lows in Europe to finish in a bullish mood. Support close to 1.3500 discouraged attempts lower and strong stocks sent the pair higher once again. A host of comments from ECB members overnight failed to move the market. Looking ahead for Q1 GDP forecast at -2% vs. -1.6% previously. Sterling moved around a lot before finding solid support below 1.5100 and rallying to mid 1.52’s. EUR/GBP remained in the tight range developing just below 0.9000. GBP/JPY buying lifted the pair into the US session.
Technical Outlook:
EURO R1: 1.3690 S1: 1.3540
R2: 1.3720 S2: 1.3520
Chart pattern shows a narrow trade for the day. With the trading range of 1.3560 -1.3680 levels for the day. Currency is trading above moving average and took resistance at the upper bollingers. Stochastic and momentum are also seen trending up.
GBP R1: 1.5320 S1: 1. 5090
R2: 1.5340 S2: 1. 5070
Chart pattern hints towards sideways movement for the day. With the trading range of 1.5100 -1.5310 levels for the day. Currency is trading above the moving average and RSI is seen flat. But Stochastic and momentum are seen trending down .
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