Richard Perry
Independent Analyst
EUR/USD
The bullish arguments have not disappeared, but are more muted now. An initial positive reaction to Wednesday’s decisive negative candle was subsequently sold into and only a marginal positive session resulted yesterday. The concern is that there is a growing sense of lower highs forming and pressure is mounting on the support $1.1100/$1.1110. We have seen that the momentum indicators have, at the least, lost their sparkle and are beginning to slip back. However, for now this is still just an unwind, rather than a growing correction. The key will be the response around the $1.1100 mid-range pivot. Pressure is seemingly mounting on the support. The market has been trading within a band $1.0980/$1.1200 for two months now, and a close under $1.1100 would be a signal for another retreat back towards the bottom of the band again. The hourly chart shows that yesterday’s high of $1.1145 is initial resistance now to breach and re-open the $1.1200 high again.
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