Richard Perry
Independent Analyst
EUR/USD
After more than a week lacking conviction, a decisive positive candlestick suggests that the bulls are looking to make a move again. EUR/USD has been ranging for around a month now. Support forming between $1.1165/$1.1190 has provided the platform, however, the bulls have been unable to take on the move higher, to push above resistance initially at $1.1350 and then the June high of $1.1420. So it is notable that the resistance at $1.1350 once more held back the bulls yesterday as they pulled back slightly into the close. There is clearly more that they need to do. Momentum indicators are looking to build on an improvement, but again, need more to suggest this is the time that a breakout will be seen. Trading in the Asian session shows a market struggling to hold traction from yesterday and the hourly chart shows a breach of initial support at $1.1280/$1.1300 would see the move again disappointingly unwind. A closing break above $1.1350 would be the move the bulls are looking for to signal real conviction is returning.
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