EURO USD Forex Trading Tips and Analysis for Day Traders

New low on follow-on selling overnight; rate reaches to tech support around 1.2880 but traders say conditions are still on the thin side but better than Friday. Rate has two-way action into the lows suggesting short-term traders and profit-taking by the shorts.

Support at or around the 50 day MA now being tested; the 50 day MA is next level needed to hold for the bulls to feel comfortable this week. Need a rally back over within 72 hours for the drop to be considered a correction and not a breakout.

Rate likely has stops building in both directions; overhead resistance likely drops to the 1.3080 area; Long-term bulls are likely still in control of the market and this significant pullback is a buying opportunity in my view.

EURO/USD Daily

  • Resistance 3: 1.3380
  • Resistance 2: 1.3330
  • Resistance 1: 1.3290
  • Latest New York: 1.227
  • Support 1: 1.2880
  • Support 2: 1.2850
  • Support 3: 1.2820

Data due Tuesday: All times EASTERN (-5 GMT)

  • 2:00am EUR German PPI m/m
  • 4:00am EUR Italian Trade Balance
  • 5:00am EUR German ZEW Economic Sentiment
  • 5:00am EUR ZEW Economic Sentiment

Forex Analysis by Jason Alan Jankovsky at ForexPros.com. For more details about Forex Trading and Tips for decent earnings through Forex Trading, Please check forexpros.com

Business News: 
General: 
Analyst Views: