Richard Perry
Independent Analyst
EUR/USD
It is a frustrating time to be trading EUR/USD. With downtrends and uptrends being broken in recent sessions, yesterday’s doji candle of a small daily range adds to the lack of conviction in the market. We have talked previously about the old August/September lows between 1.1695/1.1750 turning into a pivot area, and right now it is arguable that this is a basis of support. However, given that the momentum indicators (RSI and MACD) have become stagnant around their neutral points, whilst shorter moving averages (21 day and 55 day) have flattened off, it is more a case that around 1.1750 is a neutral outlook. Below 1.1695 turns to a negative bias, whilst above 1.1830 turns into a positive bias.
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