DAILY MARKET OUTLOOKUpdate Time: 03 Nov 2015 02:28 GMT
EUR/USD - 1.1014
Euro finally gained respite on Thursday after trading above Wednesday's fresh 2-1/2 month bottom of 1.0896, subsequent short-covering rally to 1.1073 in New York morning on Friday confirms recent downtrend has made a temporary low and 1-2 days of consolidation with upside bias is seen for a long-overdue correction to 1.1096/00. However, reckon res at 1.1140 should remain intact.
Whilst buying euro on dips is favoured today, position traders should sell on further upmove.
On the downside, a firm break of yesterday's New York low at 1.0925 would signal correction is over and bring re-test of 1.0896.
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