Richard Perry
Independent Analyst
EUR/USD
Conflicting signals leading to a lack of conviction mean that the euro has traded in an almost 50 pip band between $1.1050/$1.1100 for the past four sessions. A range of contradictory candles has been a feature of trading throughout the past week. We have discussed previously the market trading around the old pivot at $1.1060/$1.1075, and although this has not been entirely kept to, it is indicative of what is broadly a consolidation now. This is taken with the RSI, Stochastics and MACD almost entirely flattening around their neutral points. There is also a settling around the middle of a range between $1.0990 (an old pivot now supportive) and $1.1180 (the October highs). With the hourly chart showing the RSI oscillating between 35/65 we are subsequently neutral on EUR/USD.
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