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 ForexPros.com. For more details about Forex Trading and Tips for decent earnings through Forex Trading, Please check http://www.forexpros.com