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EURO/USD Daily
Resistance 3: 1.3200
Resistance 2: 1.3120/30
Resistance 1: 1.3100
Latest New York: 1.2631
Support 1: 1.2600/10
Support 2: 1.2550
Support 3: 1.2480
Comments
Late break with spillover from GBP clears stops under the 1.2700 area. Possible reversal now in play but the rate needs to firm above the 1.2850 area in my view. Bids are building under the 1.2600 area as expected; sell-off likely to be bought hard now. OK to try the long side again on a dip. Traders note stops building above the market around the 1.2750 area in size likely to help create some two-way action but rate is well off those numbers to start. Support also from cross-spreaders as they unwind Yen. Rate is an absolute screaming buy in my view—I can’t see further weakness being ignored by the buyers. Traders note the rate is finding profit-taking bids on dips so far despite the uncertainty in the market.
Data due Tuesday: All times EASTERN (-5 GMT)
5:00am EUR PPI m/m
Forex Analysis written by Jason Alan Jankovsky, featured by forexpros.com
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