Resistance 3: 1.9850
Resistance 2: 1.9820
Resistance 1: 1.9780
Latest New York: 1.9750
Support 1: 1.9700
Support 2: 1.9680
Rate back below the 1.9900 handle on the day; look for continued pressure back to the support zone around the 1.9750 area.
Stops drove trade lower overnight and rate is holding lows in early New York action. Close below the 1.9800 handle opens the door for a test of the 1.9700 handle but first a bounce is likely; SELL THE BOUNCE in my view.
Upside is limited in my view but ranges can be wide as evidenced by the past 48 hours of trade. Sell rallies if not short; buying dips dangerous in my view.
Aggressive traders can sell over the 1.9820 area during the day.
Analysis by: Forexpros.com written by Jason Alan Jankovsky
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