Rate not supported by higher Oil today suggesting a near-term top. Closing lower suggests some selling pressure is developing. Stops noted under the previous lows layered under 1.5700 traders say. Closes near the 1.5800 handle from last week, more upside likely but a pullback is needed.

Asian sovereign selling seen overnight. US news today likely to create volatility so be ready for whipsaw or a reversal. Should cable break—EURO could go with it. Watch for model accounts on the bid today; those guys love to buy highs.

The 50 bar MA likely to offer support should the rate fall back; bids will likely be in the 1.5580 area or so on any meaningful correction. COT data show a flip to EURO longs; could be a clue for a top.

EURO/USD Daily

Resistance 3:  1.5900
Resistance 2:  1.5880
Resistance 1:  1.5830/40
Latest New York:  1.5742
Support 1:  1.5720
Support 2:  1.5680
Support 3:  1.5650

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

3:55am EUR German Unemployment Change
5:00am EUR Unemployment Rate

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