[B]DAILY MARKET OUTLOOK[/B]
Update Time: [B]13 May 2015[/B] [I]01:27 GMT[/I]
[B]EUR/USD - 1.1217[/B]
Despite euro’s retreat after intra-day rally from 1.1134 to 1.1279 on Tuesday, as this move suggests correction from last Thursday’s 10-week peak at 1.1392 has ended Monday at 1.1131, choppy trading with upside bias remains.
Looking ahead, a daily close above 1.1325 (previous support, now resistance) would confirm this view and bring resumption of upmove from March’s 12-year trough at 1.0457 to re-test said temporary top, then 1.1440/50.
On the downside, only below 1.1131/34 would shift risk to downside for stronger retracement towards 1.1060/62.