EURO USD Forex Trading Tips and Analysis for Day Traders
Rate launches off the lows and never looks back; follows GBP higher but lots of stops and active buying seen. Makes a new weekly high; resistance is cleared so any dip is a buy opportunity. Likely support will hold at the 1.4330 area. Some upside drawn from Cable no doubt.
Expect more two-way action with upside bias; traders note the rate is firm on dips so far despite the uncertainty in the market. Volumes better during the day than in Asia overnight. Traders report offers in size being absorbed. Traders suggesting that the rate is trading technically but today's rally likely forced techies to the sidelines. Close over the 1.47000 area to end this week will make a lot of shorts nervous next week possibly extending a short-covering rally. Expect a solid higher close for the week. If long, look to add to positions on any weakness. Likely a dip back to the 1.4300 handle will offer a solid buy opportunity.
EURO/USD Daily
Resistance 3: 1.4920/30
Resistance 2: 1.4880
Resistance 1: 1.4850
Latest New York: 1.4833
Support 1: 1.4420/30
Support 2: 1.4380
Support 3: 1.4320/30
Data due Tuesday: All times EASTERN (-4 GMT)
3:30am EUR German Flash Manufacturing PMI
3:30am EUR German Flash Services PMI
4:00am EUR Flash Manufacturing PMI
4:00am EUR Flash Services PMI
5:00am EUR Industrial New Orders m/m
9:00am EUR Belgium NBB Business Climate
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