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EURO/USD Weekly Analysis - Morning Session - GMT

By:

Forexpros.com

08-14-2008

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Rate usually tracking GBP lower but unable to extend losses despite good selling. Russians and Swiss names buying on the dip; inside range day suggests rate is near a bottom. Model accounts selling in EURO and GBP traders say suggesting that the rate is vulnerable to a short squeeze. Market is heavily short now so expect a rally. Larger names buying traders say. Likely the rate has flushed all longs. Macro accounts seen selling on the break Friday. Aggressive traders can buy this dip for a return to resistance although we were stopped out of first attempt at a long. 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 Thursday: All times EASTERN (-5 GMT)

EURO/USD Weekly
Resistance 3: 1.5050
Resistance 2: 1.5000/10
Resistance 1: 1.4980
Latest New York: 1.4921
Support 1: 1.4800/10
Support 2: 1.4760
Support 3: 1.4720/30

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