Richard Perry
Independent Analyst
The bearish drift is once more taking its toll on the euro as late in the US session yesterday the dollar bulls started to gain control once more. The momentum indicators are now starting to pull lower and a test of the key $1.0810/$1.0820 support band now seems imminent. A breach would take the euro to its lowest level since April and bring back into play the reaction low at $1.0520. I remain a seller into strength and with the hourly chart showing the momentum slightly stretched near term there could be a slight unwinding technical rally before further downside is seen. The hourly RSI is under 30 which has previously driven minor rebounds. The initial resistance comes in the band $1.0890/$1.0930.
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