Eurozone GDP revised lower but rate is unaffected, technical trade and sympathy with Cable remains the main driver. Rally today hits a brick wall at 1.5750. Major support at the 1.5580 area and slightly below. Stops elected under the 1.5680 area overnight but option defense reported at 1.5650 area. Stops noted under the previous lows layered under 1.5600 to 1.5550 traders say.

Should cable break—EURO could go with it. 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. Exponential reversal still valid. Oil higher helping to lift a bit.

EURO/USD Daily

Resistance 3:  1.5800/10
Resistance 2:  1.5780
Resistance 1:  1.5750/60
Latest New York:  1.5732
Support 1:  1.5630/40
Support 2:  1.5600/10
Support 3:  1.5580

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

2:45am EUR French Industrial Production m/m
4:00am EUR Italian Industrial Production m/m
5:00am EUR ECB Bulletin
1:45pm EUR ECB President Trichet Speaks

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