The Euro fell as stocks and sentiment soured in Asia on the back of saber rattling from North Korea which launched missile tests to back up the nuclear test on Monday. The fall from 1.4000 tested support under 1.3900 before rebounding with US stocks. March Industrial Orders fell -0.8% vs. 0.8% forecast. . Sterling rallied sharply off European lows although settled comfortably below the key 1.60 level. The banking sector rebound is helping the Pound to recover faster than other currencies with London a major financial center.
Technical Outlook:
EURO R1: 1.4080 S1: 1.3830
R2: 1.4120 S2: 1.3770
Chart pattern shows a bearish note for the day. With the trading range of 1.3840 -1.4050 levels for the day. Stochastic is seen trending down and market is trading below the moving average but caution required as momentum is pointing up.
EURO R1: 1.4080 S1: 1.3830
R2: 1.4120 S2: 1.3770
Chart pattern shows a bearish note for the day. With the trading range of 1.3840 -1.4050 levels for the day. Stochastic is seen trending down and market is trading below the moving average but caution required as momentum is pointing up.
GBP R1: 1.6080 S1: 1. 5830
R2: 1.6090 S2: 1. 5780
Chart pattern is expected to be on a bullish note for the day and is expected to break up the psychological resistance level of 1.6000 and extend the movement till 1.6050 if not able to sustain above that level will take support at 1.5850. Stochastic and momentum are seen trending up from the overbought area and the currency is also trading above the moving average confirming the trend.
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