DAILY MARKET OUTLOOK on Major EUR/USD
EUR/USD - 1.1357
The single currency's rally to as high as 1.1375 on Friday after the
release of much weaker-than-expected U.S. non-farm payrolls data, then
to 1.1393 yesterday suggests upmove from last week's low at 1.1098
remains in progress and consolidation with upside bias would be seen for
gain towards 1.1447/50.
However, near term loss of momentum would prevent sharp move beyond there and reckon 1.1481 would hold and yield retreat later.
On the downside, only below 1.1220 (previous resistance) would indicate a
temporary top has been made and risk stronger retracement towards
1.1173.
