EUR/USD Analysis: the market is now setting far more of a consolidation outlook

Richard Perry Independent Analyst

EUR/USD

The rally on the euro earlier this week which helped to neutralise the near to medium term outlook has lost momentum and the market is now setting far more of a consolidation outlook. The last two sessions have fluctuated around the $1.1075/$1.1100 mid-range pivot band but the small candlestick bodies (and limited direction today) reflect the lack of direction on the market right now. The neutral outlook is reflected in the RSI tailing off in the mid-50s, MACD lines steadying around neutral and the moving averages collectively all but flat. This is a market searching for direction. It appears that traders are weary of trading headlines and just need a definitive answer on the trade dispute. Immediate outlook will be on tomorrow’s payrolls data, but for now, consolidation. Closing clear above $1.1100 opens $1.1180, whilst a negative candle closing below $1.1075 opens $1.0980/$1.1000.

Author

Richard Perry

Independent Analyst

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