Richard Perry
Independent Analyst
EUR/USD
Holding the old pivot around $1.1100 has helped to settle down the corrective momentum of early January. Can the euro now begin to build upon the support around $1.1185 with a run positive sessions now? Momentum indicators suggest a continuation of waves in bull rebounds and bear corrections, but with little real conviction in the market. Moving averages are all but flat whilst RSI, MACD and Stochastics indicators are one more turning higher before any decisive directional outlook can be ascertained. We look therefore for a likely continuation of moves that disappoint. The market is edging higher again today, but once more with little conviction. Initial resistance is at $1.1150/$1.1170 under the more considerable $1.1185/$1.1200 area. Below $1.1065 would be a key move for a bearish direction.
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