Euro fell overnight although not as sharply as most currencies. During the Asian session the EUR/USD traded near 6 week highs above 1.3700. The main falls were seen in EUR/JPY which broke through 130 Yen. March Industrial Production was at -2% vs. -1% forecast.Sterling fell back after the Bank of England inflation report showed that CPI should stay below 2% for the next 3 years. This slow recovery view is at odds with the green shoots commentary form other Central Banks around the world. EUR/GBP traded above 0.9000 before once again slipping form this key level.
Technical Outlook:
EURO R1: 1.3650 S1: 1.3470
R2: 1.3660 S2: 1.3450
Chart pattern hints towards bearish movement for the day. With the trading range of 1.3480 -1.3630 levels for the day. Currency is trading above moving average and took resistance at the upper bollingers. Stochastic and momentum are also seen trending down .
GBP R1: 1.5240 S1: 1. 4990
R2: 1.5260 S2: 1. 4970
Chart pattern hints towards bearish movement for the day. With the trading range of 1.5010 -1.5230 levels for the day. Currency is trading below moving average and RSI is also trending down. Stochastic and momentum are also seen trending down .
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