[B]DAILY MARKET OUTLOOK[/B]
Update Time:[B] 15 Mar 2016 [/B] [I]03:07 GMT[/I]
[B]EUR/USD - 1.1105[/B]
Despite yesterday’s ‘sterling-led’ marginal weakness below Mon’s 1.1077 low to 1.1072 in Europe, subsequent rebound to 1.1125 in New York following weak U.S. retail sales data suggests consolidation is in store initially and mild upside bias remains , a firm break above overead res area at 1.1125/35 would signal pullback from last Thursday’s 1.1218 peak has ended, then outlook would improve for further subsequent headway towards 1.1193.
On the downside, below 1.1072 would risk stronger retracement of euro’s early spectacular rally from last Thursday’s 1-month trough at 1.0821 towards 1.1058 (previous res, now sup), loss of momentum should keep price well above 1.1019 (50% r from 1.0821) and bring another rise later this week.