Resistance 3: 1.9980/90
Resistance 2: 1.9950/60
Resistance 1: 1.9910/20
Latest New York: 1.9883
Support 1: 1.9750
Support 2: 1.9690/1.9700
Support 3: 1.9650
Rate bounces nicely on lighter volume, should be a dead cat bounce Closing under the 1.9800 the next 24 hours likely set the stage for a return to lower prices early in the week.
Upside is limited in my view but ranges can be wide as evidenced by the past 72 hours of trade. Sell rallies if not short; buying dips dangerous in my view.
Drop to under the MA’s very important in my view. Long selling wick makes sell side attractive for further losses. Need down bars with higher volume to confirm.
Analysis by: Forexpros.com written by Jason Alan Jankovsky
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