Richard Perry
Independent Analyst
EUR/USD
On a day where the dollar bulls were celebrating across the forex majors, the euro stood impressively firm yesterday. A drop back towards the old $1.1100 pivot has seen the buyers tempted back in again. With two mildly positive candles in the past two sessions, the move has continued to build early today. Taking a step back, this latest move reflects the difficulty to find sustained traction in either direction right now. Again, after a week or so of moving in one direction (decline at the beginning of January), once more the euro bulls are on the bounce back to retrace the move. However, there is certainly a mild euro positive bias still in the medium term outlook. The higher low at $1.1065 is intact and the RSI has again turned higher around the 50 mark, whilst Stochastics are crossing higher above 20. The hourly chart shows that pulling clear of $1.1130 initially puts the bulls into an upswing once more. However, they now need to drive through $1.1150/$1.1170 to clear a sustainably more positive near term rebound. Initial support at $1.1110 and then $1.1085.
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