EURO USD Forex Trading Tips and Analysis for Day Traders
Rate follows GBP in two-way action, holding support now at 1.2550 area once again. Aggressive traders can add to open longs on this dip.
Cross-spreaders supporting rate as GBP drops. Stops building on both sides as the rate tests for stops on the downside first. Upside stops likely building in the 1.2630/50 area again, overhead resistance at 1.2720 area now with stops likely the other side. 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.
Resistance 3: 1.2780
Resistance 2: 1.2750
Resistance 1: 1.2720
Latest New York: 1.2580
Support 1: 1.2550/60
Support 2: 1.2480
Support 3: 1.2450
Data due Tuesday: All times EASTERN (-4 GMT)
2:00am EUR German Trade Balance
2:00am EUR German Final CPI m/m
2:45am EUR French Industrial Production m/m
2:45am EUR French Gov Budget Balance
2:45am EUR French Trade Balance
5:00am EUR PPI m/m
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