DAILY MARKET OUTLOOK EUR/USD - 1.3860
Update Time: 12 Mar 2014 01:41 GMT

Despite euro's retreat to 1.3834 yesterday, subsequent rebound to 1.3877 in New York afternoon suggests the correction from last Friday's fresh 2-year high at 1.3915 has possibly ended there and consolidation with upside bias would be seen, however, above Monday's high at 1.3897 is needed to confirm this view and yield resumption of medium-term uptrend for a re-test of said top.

On the downside, only a daily close below 1.3825 (previous resistance, now support) would indicate a temporary top has been made and bring retracement towards 1.3776.