Richard Perry
Independent Analyst
EUR/USD
The euro has tested the $1.1000 level once more and for now the bulls are happy to defend it. This comes ahead of the key support of the November low at $1.0980. There is a corrective outlook within the four week downtrend channel but with yesterday’s mildly positive close, the bulls have a little hope again. What has been a feature of recent weeks though is that positive sessions post only marginal gains before the bigger selling pressure resumes. The bulls will be conscious of the resistance of overhead supply $1.1040/$1.1065 and that given the corrective momentum configuration, rallies are a chance to sell. There is plenty of resistance to contain rallies up until at least $1.1100 area, The hourly chart does though show a degree of support threatening and above $1.1040 would be a near term hint of improvement again. Above 60 on hourly RSI would also be an improvement. With the downtrend channel though, any recovery upside could be limited before another retest of $1.0980.
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