Euro tested 1.4160 before bouncing sharply with US futures. Once again trading above 1.4250 proved hard to sustain and the pair slipped into the close. European Factory Orders fell more than expected to -0.2% vs. 1.9% forecast in May but the rate of decline from previous months is decreasing. . Looking ahead, May EU Current Account previously at -9.2Bn. Sterling was weighed into the European open by UK Bank recapitalizes fears and leftover sour sentiment from BoE's comments. The MPC minutes were slightly more bullish than expected and help the pair to rally throughout the rest of the day. July CBI Industrial Orders -59 vs. -46 forecast. Looking ahead, June Retail Sales forecast at 0.4% vs. -0.6% previously.
Technical Outlook:
EURO chart pattern continue to extend its bullishness to 1.4330 and 1.4380 levels Parabolic and Relative strength index are supporting the bullish note but stochastic at overbought levels giving a caution for possible turn from overbought levels. Good support is seen at 1.4150 and 1.4120 levels.
EURO chart pattern continue to extend its bullishness to 1.4330 and 1.4380 levels Parabolic and Relative strength index are supporting the bullish note but stochastic at overbought levels giving a caution for possible turn from overbought levels. Good support is seen at 1.4150 and 1.4120 levels.
GBP charts are giving sideways outlook. Currency has its immediate resistance at 1.6500 levels and break of which will push it to 1.6550 and 1.6580 levels. Good support is seen at 1.6430 if that level is broken then a test of 1.6375 is expected .Momentum and stochastic indicators are pointing down on daily charts.
No comments:
Post a Comment