DAILY MARKET OUTLOOKUpdate Time: 25 Aug 2015 02:30 GMT
EUR/USD - 1.1528
Despite euro's rally to as high as a fresh 7-month peak at 1.1715 yesterday on dollar's broad-based sell-off due to the near 600 points fall in Dow Jones Index, subsequent strong retreat suggests a temporary top has been made and consolidation with downside bias would be seen for a stronger retracement towards 1.1499 (previous resistance, now support), then 1.1420 later this week.
However, near term loss of momentum would keep price above 1.1377 and yield a much-needed rebound.
On the upside, only above 1.1622 would indicate aforesaid pullback has ended and turn outlook bullish for a re-test of said top, break would extend gain towards 1.1750/54.
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