EUR/USD - 1.3167 Daily Market Outlook - May 4

By IBTimes Staff Reporter | May 04 2010 2:46 AM

The single currency remained under pressure after meeting renewed selling at 1.3365, suggesting the corrective upmove from recent 1-year low of 1.3114 has formed a top there and further choppy consolidation would be seen with downside bias, however, only a breach of said support would extend medium-term downtrend from last year's high of 1.5145 to 1.3062/65 before prospect of another strong rebound later. On the upside, a breach of 1.3214 would bring rebound to 1.3281, however, said resistance is expected to remain intact. www.acetrader.com angus@acetrader.com

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