Richard Perry
Independent Analyst
The 175 pip rally in the last couple of sessions has been the biggest move to the upside since June, but so far has made little real impact on the outlook of the chart. The move has arguably just unwound Friday’s Non-farm Payrolls related sell-off and there would need to be a push above the minor reaction high at $1.2700 from last Thursday, which is also the resistance from an old support. The daily momentum indicators have picked up but still have a configuration that suggests selling into the rebound is the best strategy. Until there is a sustained and significant improvement in the euro I retain my outlook of selling into strength. I view this as another chance to sell for a likely retest of the low at $1.2500.
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