EUR/USD - 1.3742 Daily Market Outlook - Mar 15

15 March 2010 @ 03:16 am EDT

The single currency rallied above 1.3736 on Friday, suggesting the upmove from the 9-1/2 month low of 1.3433 to retrace medium-term downtrend has resumed and further gain towards daily chart resistance at 1.3840 would be seen, however, strong gain above there is unlikely and reckon 1.3904 should cap upside and yield strong retreat later.  

  

On the downside, below 1.3621/26 support area would signal a top is made and bring weakness to 1.3530, however, a daily close below there is needed to confirm the correction has ended.

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