EUR/USD - 1.4369 Daily Market Outlook - Aug 7

 @ibtimes
on August 07 2009 3:40 AM

Euro's yesterday's selloff in line with dollar's rebound versus other majors suggests further consolidation below this week's temporary top at 1.4448 but as the price action from there is viewed as a correction of recent upmove, reckon 1.4305/10 (previous resistance, now support) would limit downside and yield rebound later, however, only above 1.4448 would extend uptrend towards 1.4500.    Below 1.4305 would indicate stronger retracement is under way and risk further weakness to previous support at 1.4206.

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