Resistance 3: 1.4730

Resistance 2: 1.4700/10

Resistance 1: 1.4650

Latest New York: 1.4620

Support 1: 1.3860

Support 2: 1.3780

Support 3: 1.3720

Comments

Rate firms again overnight; upside extends to new weekly highs. Overhead resistance now at 1.4650 with the 1.4700 handle likely to trade the next 24 hours. Traders report stops likely over the 1.4710/30 area. The door is open to a rally back to the 1.5000 area. Some in-range stops driving some trade over the 1.4500 area. Lows likely remain secure. The volume needs to come up and I think the shorts have yet to bail as a group; that may be starting in earnest now. Traders report stops in-range adding for two-way action. Long-term tech resistance now at 1.5000 area likely to cap near term. Two-way action continues suggesting that shorts are aggressively adding and longs are trying to find a bottom. Next upside target is 1.4800 area, downside is near support at 1.4250 area

Data due Tuesday: All times EASTERN (-4 GMT)

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Forex Trading Analysis written by Jason Alan Jankovsky, featured by forexpros.com

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