DAILY MARKET OUTLOOK
Update Time: 29 Oct 2015 02:00 GMT
EUR/USD - 1.0915
The single currency’s selloff last week on dovish comments from ECB President Mario Draghi to 1.0997 on Friday, then yesterday’s sharp fall to 1.0896 on a hawkish FOMC statement signals the erratic decline from August’s high at 1.1715 has once again resumed and consolidation with downside bias would be seen for further weakness towards 1.0847/50.
However, over sold condition would keep price above support at 1.0808/10 and yield a much-needed recovery later this week.
On the upside, only above 1.1025/30 would be the 1st signal that a temporary low has been made and yield stronger retracement towards 1.1080/90.