EUR/USD - 1.2577 Daily Market Outlook

By IBTimes Staff Reporter | May 13 2010 2:26 AM

Despite yesterday's brief but strong rebound from 1.2605 to 1.2740 after Spain announced more austerity measures, subsequent retreat on renewed selling from various accounts on concerns about the euro zone's fiscal woes suggests choppy consolidation inside nr term established range of 1.2605-1.2740 would be seen and as long as said upper level holds, decline from this week's high of 1.3095 may resume extend marginally, however, last week's 14-month low of 1.2510 would remain intact. On the upside, a firm breach of 1.2740 woud bring stronger retracement of aforesaid fall to 1.2803, however, reckon 1.5850 should cap upside.

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