EUR/USD - 1.3618 Daily Market Outlook - Mar 1

By IBTimes Staff Reporter | March 01 2010 3:25 AM

Although the single currency rebounded strongly to 1.3683 Friday due to a report showed that Germany may buy Greek bonds through stated-owned development bank KfW, euro's intra-day retreat suggests as long as daily resistance at 1.3693 holds, further choppy consolidation inside 1.3443-1.3693 broad range would continue, however, breach of 1.3551 support needed to confirm this view and bring weakness to 1.3517/20. On the upside, a breach of 1.3693 would signal an upside break has occured and yield stronger retracement of medium-term downtrend to 1.3730, however, daily resistance at 1.3840 is expected to remain intact.

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