Rate follows GBP lower and cross-spreading likely adding pressure; rate holds a test of 1.2520 area again but rally is needed to hold support zone otherwise another low is likely. Stops building on both sides as the rate tests for stops on the downside first.

Upside stops likely cleared at 1.2630/50 area for now; likely layered above 1.2680 through 1.2750 area now. Key 1.3030 area likely next; failure to hold 1.2900 likely going to be the test for the bulls this week. Close above key 1.3030 area needed for further upside until then rallies likely to be sold so expect more two-way action.

Bulls are still attempting to find a bottom. 100 day MA falling to key resistance area of 1.3030 area by next week likely to add to overhead resistance. Technical levels around the 1.2920/50 area now likely to offer resistance so expect two-way action and consolidation underneath.

EUR/USD Daily
-Resistance 3: 1.2780
-Resistance 2: 1.2720
-Resistance 1: 1.2680
-Latest New York: 1.2584
-Support 1: 1.2520
-Support 2: 1.2500
-Support 3: 1.2480

Data due Wednesday:
All times EASTERN (-5 GMT)
-4:00am EUR Final Services PMI

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