Richard Perry
Independent Analyst
The rebound from the latest downside break has brought the euro back into the band of resistance between $1.2900/$1.2950 and at the moment simply looks like another chance to sell. The daily momentum indicators have picked up but are still suggesting that rallies acre a chance to sell, with the Stochastics flattening and the MACD lines still negative. There is arguably a slight bullish divergence on the RSI but the bearish outlook on the price suggests that there would need to be far more confirmation on other indicators before getting overly excited. The intraday chart shows a loss of recovery impetus into last evening which has been seen around a cluster of falling hourly moving averages. The outlook remains firmly one of selling into strength and this looks to be another opportunity. The outlook would change on a sustained break above $1.3000.
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