EUR/USD: the bulls will be aware of the run of lower daily highs that needs to be broken [Video]

Richard Perry Independent Analyst

EUR/USD

With the dollar bulls regaining control, another negative daily candlestick on EUR/USD is dragging the market to the brink of another key test. The psychological $1.1000 held into the close last night but $1.0990 was a mid-October low and as an old pivot is the next real support. Momentum remains on a path of deterioration and whilst not quite bearish yet, they are teetering on the brink. MACD lines are falling close to moving below neutral, whilst RSI is hovering around 40. If these two levels are broken, along with a move below $1.0990 it would signal the next phase of selling. This would then open a likely full retreat towards $1.0875/$1.0925. The bulls will be aware of the run of lower daily highs that needs to be broken, with the latest failure around $1.1040 yesterday. The hourly chart reflects the negative bias with hourly RSI failing consistently under 60 and pushing 30, whilst hourly MACD lines fail unde neutral. A change to this is needed for bulls to be hopeful.

Author

Richard Perry

Independent Analyst

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