EURO USD Technical Forex Analysis for Forex Traders

More lows overnight; panic drives trade and liquidity remains low. Rate possibly getting spillover effect from GBP. IFO overnight shows decline in business sentiment; helps drive trade lower. Option barriers reported on the dip but those are cleared. Official interest noted traders say but rate continued to sell-off.

Rate is an absolute screaming buy in my view—I can't see further weakness being ignored by the buyers but conditions are not right I think. Oil pressure likely spills over into pricing and if oil rallies it might take EURO with it. Traders note stops building above the market along with offers.

Expect more two-way action with upside bias; traders note the rate is finding profit-taking bids on dips so far despite the uncertainty in the market.

EURO/USD Daily

Resistance 3: 1.3050
Resistance 2: 1.3000/10
Resistance 1: 1.2800
Latest New York: 1.2434
Support 1: 1.2330
Support 2: ?
Support 3: ?

Data due Tuesday: All times EASTERN (-4 GMT)

3:00am EUR GfK German Consumer Climate

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