Forexpros.com Daily Analysis

Resistance 3: 1.5680

Resistance 2: 1.5650/60

Resistance 1: 1.5620/30

Latest New York: 1.5523

Support 1: 1.5550

Support 2: 1.5500

Support 3: 1.5470

Comments

Rate drops back under the 1.5550 area to start the week; should get a buy signal the next day or so. The 50 bar MA offering resistance; close over the 50 bar likely to draw more buying early in the week but for now there is pressure coming on in that area. Close Friday above the 1.5550 area failed to attract more buying, drop into close in stops near the 1.5550 area from late longs; a dip is likely a buying opportunity. Bids will likely be in the 1.5500/20 area or so. Expect higher action next week as late shorts get squeezed. If long, OK to hold over the weekend. Buy the next dip to add to positions.

Data due Tuesday: All times EASTERN (-5 GMT)

Tentative EUR German Import Price Index

2:45am EUR French Consumer Spending

Analysis by: Forexpros.com written by Jason Alan Jankovsky

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