DAILY MARKET OUTLOOK on Major EUR/USDUpdate Time: 17 Apr 2015 01:20 GMT
EUR/USD - 1.0775
Euro's rally above Wednesdays high of 1.0747 to 1.0818 yesterday signals erratic rise from Monday's 4-week trough at 1.0521 to retrace the entire fall from March's peak at 1.1062 has resumed and further gain to 1.0855 (61.8% r of 1.1062-1.0521) would be seen.
However, near term overbought condition should prevent sharp move beyond there today and risk has increased for a strong retreat later.
On the downside, only a daily close below 1.0685 (yesterday's New York morning support) would indicate a top is possibly made and shift risk to downside for weakness towards 1.0615/25.
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