Richard Perry
Independent Analyst
EUR/USD
Whilst the euro bulls managed to stem the flow of selling on EUR/USD for a bit yesterday, the prospect of a recovery is still looking like a struggle. Yesterday’s marginal positive candle/session seem to be a pause for breath rather than the potential for recovery. A renewed tick lower this morning seems to be re-instating the sellers. Momentum indicators are still on the swing lower and are close to being decisively correctively configured. The key is likely to still be the support of the old pivot at $1.0990. If the RSI starts to slip into the 30s, along with the deterioration in MACD and Stochastics, it is difficult to see $1.0990 holding. For now though, the support is intact and with Thanksgiving looming tomorrow, there may be a lack of conviction to push a break ahead of the public holiday. For now though we continue to see intraday strength as fading. It was interesting to see yesterday’s high failing just under the initial resistance at $1.1030, with $1.1050 subsequently overhead. Below $1.0990 opens $1.0875/$1.0925.
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