Richard Perry
Independent Analyst
It seems to be the same old story for the euro as we move into a new week. A consolidation that had been building through the end of last week simply once again broke to the downside and the euro has continued its path towards the key September 2013 low at $1.3103, ultimately on its way towards $1.3000. There is little or no technical sign of any impending rally, with all momentum indicators still incredibly weak. On the intraday hourly chart, the minor support that had been building at $1.3160 now becomes the new resistance. The selling pressure is not precipitous and there do tend to be intraday rebounds of maybe 30 to 40 pips that can be used as a chance to sell. The resistance built up at $1.3220 remains the key near term barrier for a recovery.
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