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EURO/USD Daily Analysis - Morning Session - GMT

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Forexpros.com

03-09-2008

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Sympathy selling from GBP and lower oil drives rate into large stops under the 1.4550 area; likely an exhaustion drop as the rate is attracting professional buying. Volumes not impressive on the move traders say. Rate is overdue for a short-squeeze. EX reversals are now negated near-term if a close today is under previous support at the prior low of 1.4570 area. Traders suggesting that the rate is vulnerable to a short squeeze. Market is heavily short now so expect a rally. Aggressive traders can continue buying 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 (-4 GMT)
4:00am EUR Final Services PMI
5:00am EUR Retail Sales m/m
5:00am EUR Revised GDP q/q

EURO/USD Daily
Resistance 3: 1.4630
Resistance 2: 1.4600
Resistance 1: 1.4550
Latest New York: 1.4512
Support 1: 1.4460/70
Support 2: 1.4420
Support 3: 1.4400

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