EUR/USD - 1.2985 Daily Market Outlook - Apr 20

on April 20 2009 3:27 AM

Euro's recent decline from 1.3739 has once again resumed in part due to cross selling versus yen and further weakness to 1.2940/50 is seen but near term loss of downward momentum should prevent steep fall below 1.2900 and risk has increased for a corrective rebound to take place later.    On the upside, above 1.3078 (intra-day high made in Australia) would signal temporary low is in place and bring retracement to 1.3120/30.

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