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EURO/USD Daily Analysis - Morning Session - GMT

By:

Forexpros.com

2008-20-08

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Another stop driven break under the 1.4650 area bought by Russian names traders say; better than expected German ZEW data helps the rate off the lows. Rally over the 1.4750 area likely included some short covering. Today’s US data caused some whipsaw but unable to make new lows. Traders report large bids on the drop but volumes died later. Traders report model/macro accounts continue selling the rate. Traders suggesting that the rate is vulnerable to a short squeeze. Market is heavily short now so expect a rally. Larger names buying last week traders say. Likely the rate has flushed all longs. Aggressive traders can buy this dip for a return to resistance. Rate continues to track Cable and vice-versa. Now that stops are cleared a rotation higher is coming. US data this week likely to be unfriendly so be ready for whipsaw.
Data due Wednesday: All times EASTERN (-5 GMT)
NONE

Euro/USD Daily
Resistance 3: 1.4850
Resistance 2: 1.4820/30
Resistance 1: 1.4790/1.4800
Latest New York: 1.4791
Support 1: 1.4620/30
Support 2: 1.4600
Support 3: 1.4570/80

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