[B]DAILY MARKET OUTLOOK on Major EUR/USD[/B]
Update Time: [B]20 Mar 2015[/B] [I]00:48 GMT[/I]
[B]EUR/USD - 1.0663[/B]
Despite euro’s rally from 1.0580 to as high as 1.1062 Wednesday, renewed broad-based strength in greenback pressured price sharply from there and the single currency tumbled to 1.0613 in yesterday New York.
This is suggesting the said correction has ended and choppy trading with downside bias would be seen.
Looking ahead, a daily close below 1.0551 support would confirm this view and bring re-test of the said temporary low later this month.
On the upside, only above 1.0820 (previous support) would prolong choppy trading but reckon resistance at 1.0920 would remain intact.