EURO USD Forex Trading Tips and Analysis for Day Traders
Rate has liquidation break into close-in stops over thin weekend but large names show up on dips traders say taking advantage of conditions. Traders note good sellers above the market but they may be late as traders note protective stops from model accounts around 1.3260 area.
Traders report sovereign interest on the dip. Offers likely waiting back at 1.3330 area but stops are said to be building in size above the 1.3340 area. Rate is firm and possibly set to reverse. Rate appears solid above the 100 day MA. Foothold over the 1.3500 handle needed to extend to the upside.
Rate likely has stops building in both directions; overhead resistance at 1.3330/50 area back in play as initial support expected fails. Long-term bulls are likely still in control of the market and this significant pullback is a buying opportunity in my view. Looking to buy this week again if 100 day MA continues to hold.
Resistance 3: 1.3480
Resistance 2: 1.3420
Resistance 1: 1.3340
Latest New York: 1.3206
Support 1: 1.3150
Support 2: 1.3120
Support 3: 1.3100
Data due Tuesday: All times EASTERN (-5 GMT)
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 forexpros.com