EURO/USD Technical Forex Analysis

Resistance 3:  1.5700/10
Resistance 2:  1.5680
Resistance 1:  1.5650
Latest New York:  1.5615
Support 1:  1.5580
Support 2:  1.5540/50
Support 3:  1.5520

Other Things to Watch/Open Trades/News

4-22-08 SHORT EURO/USD 1.6000 Stops @ 1.5750
4-24-08 SHORT EURO/USD 1.5650 Stops @ 1.5750

ROLL Stops to 1.5750 on entire position; look to add to shorts again later today.

Close under the 1.5550 area sets up a test of stops.

Comments

Market has failed at 1.6000 area resistance with confidence now, be patient on the potential break. Overhead resistance is heavy above the 1.5750 area now with 1.5660 first; traders say offers extend into the 1.5800/30 area with stops above. Two-way trade at resistance to start on Monday suggests a deeper pullback is in the works. Strong long-liquidation break is still coming; test of the lows as expected Wednesday. Watch for two-way volatility. Be ready to add quickly if a rally happens; rate has BIG stops under the 1.5520 area and a break under the 50 bar MA could be swift. Rally after FOMC is a “head fake”; look for retreat within 24 hours.

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

All Day EUR Holiday: Labour Day

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