Rate rallies hard after ADP surprises, stops elected above the 1.5860 area. Rate whipsaws lower then higher and makes highs on light volume ahead of US news tomorrow. Highs were sold aggressively by Asian sovereigns traders say but rate is firm. Lots of stops building under the 1.5770 area and a break lower is likely on whipsaw Thursday. Stops noted under the previous lows layered under 1.5700 traders say.

US news tomorrow likely to create volatility so be ready for whipsaw or a reversal. Should cable break—EURO could go with it. The 50 bar MA likely to offer support should the rate fall back; bids will likely be in the 1.5580 area or so on any meaningful correction. Equities weaker also no help.

EURO/USD Daily

Resistance 3:  1.5950
Resistance 2:  1.5920/30
Resistance 1:  1.5900
Latest New York:  1.5875
Support 1:  1.5770
Support 2:  1.5720
Support 3:  1.5680

Data due Thursday: All times EASTERN (-5 GMT)

4:00am EUR Services PMI (p)
5:00am EUR Retail Sales m/m
7:45am EUR Minimum Bid Rate
8:30am EUR ECB Press Conference

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