EUR/USD: are there encouraging signs for the bulls? [Video]

Richard Perry Independent Analyst

EUR/USD

There continues to be pressure on the multi-month support around $1.0980/$1.1000, however, the selling pressure does look to be easing slightly. The FOMC meeting has passed with little fanfare and although the outlook on EUR/USD remains corrective, are there also encouraging signs for the bulls? It is still too early to say, as with RSI hovering in the low 30s, Stochastics in bear configuration and MACD lines falling, there is still little sign of buying pressure. Despite this though, the importance of $1.0980/$1.1000 will grow the longer it remains as a basis of support. There is still a downtrend channel and overhead supply in the area $1.1040/$1.1065. We also see rallies as a chance to sell (until the market can close decisively above the old pivot $1.1100). However, another early consolidation today suggests that the time for another rebound could be near.

Author

Richard Perry

Independent Analyst

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