DAILY MARKET OUTLOOK Update Time: 28 Aug 2015 01:10 GMT
EUR/USD - 1.1241
Despite euro's rally to as high as a fresh 7-month peak at 1.1715 on Monday on dollar's broad-based selloff 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 1.1250/60, then 1.1214 later this week. However, near term loss of momentum would keep price above 1.1177 and yield a much-needed rebound.
On the upside, only above 1.1562 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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