Resistance 3: 1.9820
Resistance 2: 1.9750
Resistance 1: 1.9720/30
Latest New York: 1.9683
Support 1: 1.9650/60
Support 2: 1.9600
Support 3: 1.9550
Other Things to Watch/Open Trades/News
Currently flat—stopped out of short yesterday.
Rate has strong buy signal but top is at
resistance; possible late conflicting signal.
Rate under 1.9720 area important, major stops likely under the 1.9600 handle; likely to be challenged soon but given conditions a bounce is coming first.
Closing under the 1.9600 the next 24
hours likely set the stage for a return to 2008 lows near-term.
Upside is limited in my view but ranges can be wide as evidenced by the past few
days 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
Overnight data unfriendly with more to come, Some pressure from EURO also.
Data due Wednesday All times EASTERN (-5 GMT)
Tentative GBP Nationwide House Prices m/m -0.5% -0.6%
Analysis by: Forexpros.com written by Jason Alan Jankovsky
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