EURUSD printing lower lows and lower highs while moving withing the descending channel. On Friday 24.07, upper channel trendline has been rejected together with the 50% Fibonacci retracement level. This indicates on a strong that has just been established. Overall current price pattern should result in a potentially strong drop with the final target being at the 361.8% Fibs, that is 1.03 area.
I agree the lack of momentum to the upside is worrying, i believed the dollar index would correct lower and the EUR would have a rally to the 1.14 again supported by the news on Greece, but this has not materialsed, if the dollar starts the week strong next week, i will have a rethink and again look at long dollar set ups. Good analysis HiTech