EUR/USD: the consistent run of lower daily highs continues [Video]

Richard Perry Independent Analyst

EUR/USD

The euro continues to slip lower as the corrective move of the past couple of weeks pulls the market now under $1.1000. The support around $1.0990/$1.1000 is a key gauge that if gives way would open the lows around $1.0925 and the key medium-term support at $1.0875. We were discussing the RSI moving below 40 and MACD lines below neutral yesterday and this seems to be developing now. If this were seen as the market closed under $1.0990 it would be confirmation that a decisive corrective move was pulling EUR/USD lower. The consistent run of lower daily highs continues (now the past seven sessions) meaning that yesterday’s high of $1.1020 is initial resistance to watch. The hourly chart shows this as a pivot under $1.1040 as this week’s resistance. Support under $1.09090 comes in at $1.0940 now.

Author

Richard Perry

Independent Analyst

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