EUR/USD - 1.4783 Daily Market Outlook - Aug 21

21 August 2008 @ 03:51 am EDT

Although euro's breach of resistance at 1.4807 signals the erratic upmove from 1.4630 low to retrace recent decline has resumed and further gain to 1.4830/40 cannot be ruled out, overbought condition should prevent sharp rise beyond 1.4855/60 and reckon price would falter well below 1.4890/00, yield retreat later.  

  

Below 1.4705/10 would indicate a top has possibly been formed, break of yesterday's low at 1.4672 would confirm and bring a re-test of 1.4630...

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