EURO USD Forex Trading Tips and Analysis for Day Traders

Rate holds firm while other rates whipsaw; clears more stops close-in above the market from sellers yesterday on failure to hold
1.3030. Stops and active buying over the 1.3040 area traders say; those were the late buyers I think. Rate appears to be ready to close on the 1.2900 handle; fails into end of day but holds inside range day.

Aggressive sellers likely to try and cap above key 1.3030 area; failure to hold 1.2900 today likely to signal a further break back to 1.2700. The dip is a buy opp but be nimble. Cross-spreaders likely pressure as crosses are unwound. Close above 1.3030 needed for further upside until then rallies likely to be sold into support around 1.2620/30 (?).

Bulls are still attempting to find a bottom. 50 bar MA failed now likely to offer resistance and a close above suggests the bottom will be in. Technical levels around the 1.2920/50 area now likely to offer resistance so expect two-way action and consolidation underneath. 


Resistance 3: 1.3080
Resistance 2: 1.3020/30
Resistance 1: 1.2990/1.3000
Latest New York: 1.2884
Support 1: 1.2750
Support 2: 1.2700
Support 3: 1.2680

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

4:00am EUR ECB Monthly Bulletin
5:00am EUR Industrial Production m/m
1:00pm EUR ECB President Trichet Speaks


Forex Analysis by Jason Alan Jankovsky at For more details about Forex Trading and Tips for decent earnings through Forex Trading, Please check

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