Richard Perry
Independent Analyst
Despite the wider daily range from yesterday, essentially it was just another day of consolidation (as we wait for the crucial Eurozone inflation data today at 10:00BST). A technical rally on the euro remains a possibility as the sellers have been held off in the past few days but if one does come through then it would likely be just near term respite before the sellers regain control. The intraday chart shows there is overhead resistance at $1.3215/20 that is holding back the rally. A breach would complete a near term base pattern that would imply $1.3280, however that is where the resistance really begins to kick in. The bulls will be looking to protect the low at $1.3150 which guards from a continued sell-off towards the key September 2013 low at $1.3103.
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