Rate not supported by higher Oil again today suggesting a near-term top. Rally then breaks after attempted highs suggests some selling pressure is developing. Stops noted under the previous lows layered under 1.5700 traders say.

Asian sovereign selling seen overnight; along with Swiss selling. 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. Equities weaker also no help.

EURO/USD Daily

Resistance 3:  1.5900
Resistance 2:  1.5880
Resistance 1:  1.5830/40
Latest New York:  1.5784
Support 1:  1.5720
Support 2:  1.5680
Support 3:  1.5650

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

3:15am EUR ECB President Trichet Speaks
5:00am EUR PPI 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