EURO/USD Technical Analysis for Forex Traders

Bounce is developing nicely, rally over the 1.5400 handle significant. Rate holds opening range on the fall-back; solid sign of no sellers left. Rally back from dip under the 1.5400 on stops suggests more losses are coming but a corrective bounce is needed (which is developing now) Support at 1.5280 is firm near-term.

Look for rotation higher to continue into next week. Rate clears close in stops again. Strong long-liquidation break is still coming; Watch for two-way volatility. Be ready to re-short quickly when the rally ends, look for a short-covering rally to stall around the 1.5550/1.5600 area again; look to re-short in that area.

EURO/USD Daily

Resistance 3:  1.5600/10
Resistance 2:  1.5550
Resistance 1:  1.5490/1.5500
Latest New York:  1.5435
Support 1:  1.5380/90
Support 2:  1.535060
Support 3:  1.5300/10

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

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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 http://www.forexpros.com