DAILY MARKET OUTLOOK Update Time: 29 Jul 2015 01:00 GMT
EUR/USD - 1.1075
Despite euro's retreat from Monday's high of 1.1129 to 1.1022 yesterday, subsequent rebound suggests as long as 1.1019 (previous resistance, now support) holds, consolidation with upside bias remains.
However, break of said temporary high at 1.1129 is needed to signal the rise from last Monday's fresh 12-week trough at 1.0808 to retrace decline from May's peak at 1.1467 has resumed and yield further gain to 1.1160/70, then possibly towards 1.1216.
Below 1.1019/22 would shift risk to downside for further weakness to 1.0968 (50% r of 1.0808-1.1129) but support at 1.0925 should remain intact.
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