Rate unable to hold gains after surprise rally into the 1.5620 area; long selling wick companion to the bid wick from Monday. Rate likely stuck in tighter range for now. Russians buying EURO a good sign but watch for model accounts on the bid the next few days. The 50 bar MA offering resistance; close over the 50 bar likely to draw more buying early in the week but for now there is pressure coming on in that area. Bids will likely be in the 1.5500/20 area or so. Expect higher action this week as late shorts get squeezed. If long, better to get flat or reverse.  

EURO/USD Daily

Resistance 3:  1.5680
Resistance 2:  1.5650/60
Resistance 1:  1.5620
Latest New York:  1.5567
Support 1:  1.5500/1.5490
Support 2:  1.5470
Support 3:  1.5450

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

4:00am EUR ECB President Trichet Speaks
4:00am EUR Italian Retail Sales m/m

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