Richard Perry
Independent Analyst
Friday saw some interesting price action on the euro as a breach of the support around $1.3500 subsequently found some buying to support at $1.3490. The formation of a long-legged (to the downside) doji pattern is a potential reversal sign and the reaction early today has been positive. This may now mean a period of a potential rebound to the upside. The overhead resistance in the band $1.3575/$1.3600 should ensure that this rebound is likely to be short-lived and I expect this to be used as a chance to sell. Momentum indicators have the room to unwind slightly but remain in negative configuration. The moving averages are al falling in bearish sequence with the 55 dma the basis of near to medium term resistance at $1.3636.
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