Richard Perry
Independent Analyst
EUR/USD
Can the euro continue to pull higher with a growing near term uptrend? In the past week there has been a run of buying into weakness which has formed a mini uptrend (at $1.1130 today). This move has broken a two week downtrend and needs to hold the nascent uptrend for the renewed move higher to remain on track. There is still a positive bias to the recovery over the past three months of uptrend and higher lows. We remain mildly euro positive whilst this continues. This raises the importance of the support at $1.1085 initially, but also $1.1065 on an ongoing basis (until $1.1240 is breached). Momentum retains a mild positive configuration to buy into weakness. The target initially is to break through yesterday’s high of $1.1170 and test $1.1200. The hourly chart shows a near term pivot area around $1.1120/$1.1130 is a basis of support coming into today’s session.
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