DAILY MARKET OUTLOOK Update Time: 21 May 2015 01:09 GMT
EUR/USD - 1.1112
Despite euro's choppy sideways move after extending decline from last Friday's 3-month peak at 1.1467 to 1.1062 yesterday, downside bias remains for said move to retrace the entire up move from March's 12-year trough at 1.0457 to resume after consolidation and yield further weakness to 1.0994 (50% r) but sharp fall below is not likely due to near term loss of momentum.
On the upside, only a daily close above 1.1217 resistance would indicate a low is made and shift risk to upside for stronger gain towards 1.1260/70 and possibly towards 1.1321/26.
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