EURO USD Forex Trading Analysis for Day Traders

Rate drops on stops and aggressive selling; model accounts on the offer traders say around the 1.5630/40 area. 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. Lots of stops building under the 1.5770 area were cleared overnight and a further break lower is likely on whipsaw today. 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.

EURO/USD Daily

Resistance 3: 1.5780
Resistance 2: 1.5750
Resistance 1: 1.5700/10
Latest New York: 1.5656
Support 1: 1.5600/10
Support 2: 1.5580
Support 3: 1.5550

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

Nil

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