EUR/USD - 1.2215 Daily Market Outlook - May 25

By IBTimes Staff Reporter | May 25 2010 4:26 AM

The single currency tumbled on concerns over contagion effect in Eurozone, European and the global economy on the current crisis, suggesting the corrective rise from last week's 4-year low of 1.2143 has ended at 1.2673 and consolidation with downside bias would be seen for weakness towards said support, however, break is needed to confirm long-term downtrend from 1.6040 has once again resumed and extend weakness to 1.2100 and then 1.2050/60. On the upside, only a breach of 1.2322 would prolong recent choppy consolidation and may bring another rebound to 1.2417 but resistance at 1.2599 is expected to remain intact.

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