Resistance 3: 1.5580
Resistance 2: 1.5550/60
Resistance 1: 1.5520
Latest New York: 1.5480
Support 1: 1.5350
Support 2: 1.5300/10
Support 3: 1.5280
Another strong buy signal this morning suggests the rate will bottom; expect higher action all week as late shorts get squeezed. Today’s rally likely to encounter selling pressure up to the 1.5550 and 1.5580 areas; looking to ADD to open longs if you took some on Friday—if not; looking to open a long on any weakness. Rate finds support as more rumors of Swiss private bank bids at current levels; should rate put in a long tail today a buy might be on the table for Tuesday. Stops and bids noted at the 1.5420 area in size; more said to be resting at the 1.5500. Overhead resistance appears firm at 1.5550 now that the 1.5340 area of option defense fell.
Data due Tuesday: All times EASTERN (-5 GMT)
4:00am EUR Italian Trade Balance
5:00am EUR German ZEW Economic Sentiment
5:00am EUR ZEW Economic Sentiment
5:00am EUR Trade Balance
Analysis by: Forexpros.com written by Jason Alan Jankovsky
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