Resistance 3: 1.3650

Resistance 2: 1.3580

Resistance 1: 1.3500

Latest New York: 1.3451

Support 1: 1.2850

Support 2: 1.2720

Support 3: 1.2680


Rate follows GBP in two-way action but holds better on the dip, support now above the 1.2950 area. Upside stops likely cleared in size and if the rate can close above 1.3380 more upside is due. Overhead resistance above 1.3100 area negated so a pullback to there would also be a strong buy. Traders note big names on the buy side on dips overnight; semi-officials buying 1.2900 area the past few days. Close above key 1.3030 area needed for further upside until then rallies likely to be sold so expect more two-way action. Bulls are still attempting to find a bottom. Technical levels around the 1.3150/80 area now likely to offer support on further weakness so expect two-way action. One way trade today suggests a lot of volume.

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

5:00am EUR Italian Trade Balance

Forex Trading Analysis written by Jason Alan Jankovsky, featured by