Richard Perry
Independent Analyst
EUR/USD
The euro rally has run out of steam in recent sessions, but it is also notable that the dollar bulls have not managed to regain control either. The result has been that EUR/USD is consolidating around an old pivot band $1.1060/$1.1075. What is also notable is that momentum indicators have flattened off around their neutral points, with RSI and Stochastics around 50, and MACD lines almost entirely at zero. This consolidation is reflected in the hourly chart where the hourly RSI has oscillated between 35/65 for the past two days. Resistance is building between $1.1080/$1.1090 as the market searches for direction. Initial support at $1.1040/$1.1050 which is protecting the market from a slip back to the $1.0990 pivot again. However, we are increasingly neutral on EUR/USD between $1.0990/$1.1090.
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