Richard Perry
Independent Analyst
The selling the euro has just seemingly become an incredible one-way bet and as things stand this move is showing little signs of reversing. It does make writing a new comment every day a difficult task, but such is the force of the bearish pressure that the euro continues to dive. That is now five straight days of lower highs and lower lows on the daily ranges, whilst momentum indicators have just become firmly entrenched in negative configuration. I have spoken at length about the intraday chart showing consolidations followed by the next sell-off and once more that is what was seen yesterday. The initial resistance comes now at $1.2660 which was not only an intraday support from two days ago but also the key November 2012 low. With no key old reaction lows really to speak of until $1.2040 the next minor support comes in at $1.2500. Tier 1 economic data could provide us with some volatility, but selling into the rallies remains the strategy.
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