Euro rebounding sharply from the 1.300 level grinding higher in the US session. Talk in Europe about future ECB policy focused on whether the 1.0% rate is the floor. German Unemployment data beat expectations at 1K vs. 66K forecast. Looking ahead, April German Retail Sales are forecast at 0.0% vs. -1% previously. May EU Flash Inflation is forecast at 0.2% vs. 0.6% previously y/y. . Sterling traded briefly above the 1.6000 level but ran into a wall of offers and pulled back. CBI distributive trades fell to -17 vs. -10 forecast. GBP/JPY was incredibly well supported traded at fresh year highs of 155 Yen. EUR/GBP gave up some of the gains seen yesterday. Looking ahead Nationwide House Prices are forecast to fall -0.9% vs. -0.4% previously
Technical outlook:
EURO R1: 1.4050 S1: 1.3850
R2: 1.4080 S2: 1.3820
Chart pattern shows a bullish note for the day. With the trading range of 1.3890 -1.4040 levels for the day. Stochastic is seen trending up and market is trading above the moving average giving bullish outlook and the view is also supported by momentum.
R2: 1.4080 S2: 1.3820
Chart pattern shows a bullish note for the day. With the trading range of 1.3890 -1.4040 levels for the day. Stochastic is seen trending up and market is trading above the moving average giving bullish outlook and the view is also supported by momentum.
GBP R1: 1.6080 S1: 1. 5850
R2: 1.6100 S2: 1. 5830
Chart pattern is expected to be on a bullish note for the day and is expected to trade in the range of 1.5870-1.6060. Stochastic and momentum are seen trending up but the currency is also trading above the moving a confirming the trend.
R2: 1.6100 S2: 1. 5830
Chart pattern is expected to be on a bullish note for the day and is expected to trade in the range of 1.5870-1.6060. Stochastic and momentum are seen trending up but the currency is also trading above the moving a confirming the trend.
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