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Overnight Asia/Europe Today’s Economic Reports • None of note in the US Looking Ahead • All eyes on US CPI Friday forecast +0.3%, core +0.2% Summary
EURO/USD Daily R3: ? Rate technically still an inside range day, highs at 1.5479 drawing good selling and overhead resistance is getting thicker with the 1.5500 figure drawing a lot of protective option defense. In range stops to the upside seen as the main driver overnight suggesting lots of early sell interest. Stops under the market likely to be close in also due to late buyers or short-term buyers. Look for a sharp break on “Fed-Speak” from Bernanke this week or Trichet overseas; the market is looking for direction in my view.
GBP/USD Daily R3: 2.0250 Rate tries for highs one more time and is turned back at the triple-top at the 2.0220 area making the resistance a quadruple-top; very strong resistance in my view. OK to ADD to shorts from the 2.0180 area looking for a break back to the 100 bar MA again. Close under the 2.0070/80 area likely to draw a long-liquidation break. Stops likely close-in and in-range again on the way down from late longs; likely building in the 2.0130/40 area as that was good resistance on the way higher. Next Analysis:
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