Richard Perry
Independent Analyst
The euro bulls are fighting to engage the recovery as Friday’s price action continued the intraday sequence of higher lows and pushed towards the key near term resistance t $1.2986. If there can be a consistent move above $1.2986 and the psychological $1.3000 then there is very little resistance until the old support (turned new resistance) just above $1.3100. The daily momentum indicators are showing signs of life, but the RSI is still below 30 and the MACD line are yet to crossover. However, the Stochastics are showing signs of improvement, but in such a bearish medium term trend this is more the signal of a profit-trigger on short positions than an outright buy signal. However if the positive signals begin to mount up then perhaps there would be more conviction in a recovery. For now the next signal would be a breach of $1.2986. The intraday support levels come in at $1.2910 and $1.2880.
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