EURO/USD Daily

Resistance 3: 1.5600

Resistance 2: 1.5580

Resistance 1: 1.5550/60

Latest New York: 1.5526

Support 1: 1.5440/50

Support 2: 1.5380

Support 3: 1.5350

Comments

Near the highs around the 1.5550 area suggests more follow-on buying. Rate remains trapped inside range; pressured along with GBP but holds support at 1.5470 area. Looking for a long on next push into highs—then a pullback. If rate can clear the 1.5550 area and then fall to support around the 1.5500 area I think we are on the buy side at that point. Expect higher action all week as late shorts get squeezed. Rate finds support as more rumors of Russian and Mid-East buyers; Swiss private bank on the offer overnight. Should rate put in a long tail today a buy might be on the table. Stops and bids noted at the 1.5420 area in size; more said to be resting at the 1.5500 area; all in range. Overhead resistance appears firm at 1.5550 with stops above.

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

4:00am EUR Italian Unemployment Rate

Analysis by: Forexpros.com written by Jason Alan Jankovsky

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