Dollar weakened against the Euro as Asian stocks advanced on speculation the global recession is easing, damping demand for the U.S. currency as a refuge.Dollar weakened against the Pound on optimism the global slump is waning, reducing the U.S. currency’s appeal as a refuge. Confidence among U.S. consumers rose to 55.3 .The Conference Board will release the sentiment index at 10 a.m. in Washington
Technical View:
EURO is expected to be on a bull note and trade in the range of 1.4050-1.4150 levels. With good support seen at 1.3980 and key resistance is seen at 1.4205 levels. Momentum and stochastic are seen trending up and the currency is also seen trading above the moving averages confirming the bull note but certain amount of profit booking is expected at 1.4150 levels and if able to sustain above this level then it may extent its rally to the resistance.
EURO is expected to be on a bull note and trade in the range of 1.4050-1.4150 levels. With good support seen at 1.3980 and key resistance is seen at 1.4205 levels. Momentum and stochastic are seen trending up and the currency is also seen trading above the moving averages confirming the bull note but certain amount of profit booking is expected at 1.4150 levels and if able to sustain above this level then it may extent its rally to the resistance.
GBP chart pattern shows a upper break of the flag pattern to test the immediate resistance level of 1.6680 and 1.6700 levels .Good support is seen at 1.6480.Momentum and stochastic indicators are pointing towards bull rally but caution required as market is in overbought areas giving possibility of reversal.
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