EUR/USD - 1.4522 Daily Market Outlook - Jan 11

By IBTimes Staff Reporter | January 11 2010 3:47 AM

Despite last Friday's volatile movements after the mixed U.S. jobs report, the single currency rallied above 1.4485 resistance today on speculation that the Fed will keep interest rate low for some time, suggesting recent decline from last year's high of 1.5145 has indeed made a low earlier at 1.4218 and consolidation with upside bias would be seen for gain to 1.4591 chart level, however, overbought condition should prevent strong gain above there today and bring retreat later. On the downside, pullback would be limited to 1.4440/50 and support area at 1.4405/16 is expected to remain intact.

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