Rate rallies back hard on falling stocks and USD malaise, aggressive selling by model accounts at the 1.5630/40 area absorbed as the rate rallies; those guys are gone now so look for the rate to top in the next 24 hours or so. Major support at the 1.5580 area and slightly below.

Stops elected under the 1.5700 area but option defense reported at 1.5650 area. Highs were sold aggressively by Asian sovereigns Wednesday traders say and it looks like they will attempt it again this week. 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. Looking for a sell on this strength.

EURO/USD Daily

Resistance 3:  1.5800/10
Resistance 2:  1.5780
Resistance 1:  1.5750/60
Latest New York:  1.5715
Support 1:  1.5600/10
Support 2:  1.5580
Support 3:  1.5550

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