EUR/USD - 1.4090 Daily Market Outlook - Jan 21

By IBTimes Staff Reporter | January 21 2010 3:39 AM

The single currency penetrated 1.4218 (previous support, now resistance) confirms decline from last year's high of 1.5145 to retrace medium-term uptrend has resumed and further weakness to 1.4015 is likely, however, anticipated oversold condition should prevent steep decline from there and risk is seen for a reboudn later. On the upside, only a breach of 1.4218 would signal a temporary lowis made and bring gain to 1.4282/90.

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