Richard Perry
Independent Analyst
The euro has started the week in a fairly positive mood, however there is much to do to change the mindset of selling into strength that still dominates the trading outlook. There are however very slight suggestions that a bullish divergence is beginning to be seen on the RSI. However this is very much early days as there is still nothing yet on the Stochastics or MACD that backs up a recovery view. The consistent habit of the euro to break lower after consolidation is heaping downside pressure and the next support is the $1.2786 level which is 61.8% Fibonacci retracement of the $1.2040 to $1.3991 bull run. The intraday hourly chart shows an overnight low at $1.2825, whilst the lower high at $1.2930 is the first resistance.
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