EURO USD Forex Trading Tips and Analysis for Day Traders
Rate scores another new high after rate announcement and finds resistance at previous breakdown area. Technical traders will be looking for a test of the 200 day MA near-term; follow-on buying overnight likely.
Sellers may be taking a stand above 1.3700 but they will need to see a move lower right away to stay short. Traders note lots of aggressive active buying. Stops building in size over the 1.3750 area cleared.
Traders note some stops within range overnight suggesting longs are late or nervous. Correction is likely. Likely bulls will lighten up but will need to see failure at 1.4100 area first I think.
Resistance 3: 1.4200/10
Resistance 2: 1.4150
Resistance 1: 1.4080
Latest New York: 1.4037
Support 1: 1.3360
Support 2: 1.3280
Support 3: 1.3200
Data due Wednesday: All times EASTERN (-5 GMT)
2:00am EUR German Final CPI m/m
4:00am EUR Italian Trade Balance
5:00am EUR CPI y/y
5:00am EUR Core CPI y/y
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