Rate scores another new high in early New York but sellers take a stand above 1.3700; likely stops building in size over the 1.3750 area now. Close at 1.3380 area last week makes a seven week high close and argues for more upside coming but a correction is likely.

Likely bulls will lighten up. OK to buy a dip on a test of 1.3080 area near-term; but that is less likely now that 1.3700 trades. Support also from cross-spreaders as they unwind Yen.

Rate is an absolute screaming buy in my view-I can't see further weakness being ignored by the buyers.

EURO/USD Daily
Resistance 3: 1.3780
Resistance 2: 1.3750
Resistance 1: 1.3700/10
Latest New York: 1.3692
Support 1: 1.3360
Support 2: 1.3280
Support 3: 1.3200

Data due Tuesday: All times EASTERN (-5 GMT)
2:45am EUR French CPI m/m
2:45am EUR French Final Non-Farm Payrolls q/q
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 Employment Change q/q

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