DAILY MARKET OUTLOOKUpdate Time: 23 Oct 2015 01:08 GMT
EUR/USD - 1.1105
The single currency's selloff yesterday to 1.1114 on dovish comments from ECB President Mario Draghi, then lower to 1.1071 ahead of Asian open today signals the erratic decline from August's high at 1.1715 has once again resumed and consolidation with downside bias would be seen for further weakness towards 1.1040/50.
However, over sold condition would keep price above daily support at 1.1018 and yield a much-needed recovery early next week.
On the upside, only above 1.1296 would be the 1st signal that a temporary low has been made and yield stronger retracement towards 1.1319/20.
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