Low prints at MAJOR support; hard and fast break likely to encourage a round of short covering. Look to re-short later—OK to stay flat a bit as we just took a huge win from the short side.

Close back under the 1.5700 area pressures buying signals; not a lot of bids due soon. Rate continues to track Cable and vice-versa. Stops above the 1.5820 area likely back out of range for today after the drop this morning. Stops under the 1.5620/30 area were as expected; now that they are cleared a rotation higher is coming.  

EURO/USD Daily

Resistance 3:  1.5840/50
Resistance 2:  1.5800
Resistance 1:  1.5750/60
Latest New York:  1.5582
Support 1:  1.5550
Support 2:  1.5520/30/30
Support 3:  1.5500

Data due Wednesday: All times EASTERN (-5 GMT)

5:00am EUR Consumer Confidence

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