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Technicals

EUR/USD - 1.5933 Daily Market Outlook - Jul 22

22 Jul, 2008 @ 03:21 am EST
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Although euro's corrective rise from last week's low at 1.5782 has resumed and marginal gain cannot be ruled out, a firm breach of previous resistance at 1.5949 is needed to bring a stronger retracement of the decline from 1.6040 (record high) towards 1.5990/00 before prospect of a retreat later.  

  

Below 1.5880/90 would signal aforesaid upmove has formed a top and yield weakness to 1.5850 and then towards pivotal support at 1.5828.

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