Richard Perry
Independent Analyst
EUR/USD
With US bond markets shut yesterday, it is difficult to take too much from yesterday’s mild gain on EUR/USD. However, there has been a solid open higher today and the corrective momentum of last week does appear to have been restricted, at least for now. Despite this though, we see that the breakdown below $1.1060/$1.1075 was a key move last week and signalled a shift in outlook to a point where the corrective forces look to be dominant on a near to medium term basis. Trading under all the moving averages, along with sliding/negative configured momentum suggests that near term rallies are going to struggle now. $1.1060/$1.1075 is now a pivot area as a basis of resistance that needs clearing on a closing basis for the bulls to feel a sense of control again. We expect pressure to resume on the support of Friday’s low at $1.1015 and then $1.0990.
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