EURO/USD Daily

Resistance 3:  1.5680
Resistance 2:  1.5650/60
Resistance 1:  1.5600/10
Latest New York:  1.5565
Support 1:  1.5630/40
Support 2:  1.5600/10
Support 3:  1.5480

Other Things to Watch/Open Trades/News

4-22-08 SHORT EURO/USD 1.6000 Stops @ 1.6100
4-24-08 SHORT EURO/USD 1.5650 Stops @ 1.5750

Look to add to shorts again soon.

Comments

Market has failed at 1.6000 area resistance with confidence now, be patient on the potential break. Overhead resistance is heavy above the 1.5750 area; traders say offers extend into the 1.5800/30 area with stops above. Two-way trade at resistance to start on Monday suggests a deeper pullback is in the works. Strong long-liquidation break is still coming; look for a test of the lows again within 24 hours.

Watch for two-way volatility. Be ready to add quickly if a rally happens.

Data due Wednesday All times EASTERN (-5 GMT) Forecast Last

    * 3:55am EUR German Unemployment Rate 7.8% 7.8%
    * 5:00am EUR CPI Flash Estimate y/y 3.4% 3.5%
    * 5:00am EUR Consumer Confidence -13 -12

Forex Analysis by Jason Alan Jankovsky at ForexPros.com. For more details about Forex Trading and Tips for decent earnings through Forex Trading, Please check http://www.forexpros.com