EURO/USD Daily

Resistance 3:  1.5750
Resistance 2:  1.5720/1.5730
Resistance 1:  1.5690/1.5700
Latest New York:   1.5646
Support 1:  1.5590/1.5600
Support 2:  1.5550
Support 3:  1.5520

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; likely to fail quickly.  

Today a close back under the 1.5600 handle very important; look for a test of the 1.5550 area early this week, offers likely on a rally to 1.5700 area.

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