Richard Perry
Independent Analyst
EUR/USD
The euro has now gained ground over the past four sessions, something we have not seen on EUR/USD since June when the downtrend channel began. For now we have to still see this rebound in the context of what is now a 15 week downtrend. How the bulls respond to any renewed selling pressure will be important too. In the past week there has been a fairly steady recovery, but if the sellers look upon the first sign of selling pressure and press the panic button, the market could quickly be back around the $1.0875 low again. Momentum remains negatively configured under 50 and until this is breached then the rebound will still struggle for traction. Perhaps this is the source of the last couple of sessions where the market has closed off the highs. There is resistance with the $1.1025 old low which is a confluence with the trend channel resistance now. Closing back under $1.0965 would be a test for the bulls now to see how strong they really are.
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