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EURO USD Forex Analysis for Forex Traders - Technical Analysis

Jason Alan Jankovsky 9 June 2008

Stops and offers noted above the 1.5790/1.5800 areas, COT data showed an increase in EURO shorts through last week and those are likely cleared now. Liquidate longs into the 1.5800 handle—if you set a limit order and let it work over the weekend you were filled this morning. Trichet hints at a rate hike for July; sentiment changes rapidly and the rally last week has cemented that view I think.

Overhead resistance appears firmer on the approach to the 1.5800/20 area which is a likely to offer upside resistance through Monday.

EURO/USD Daily

Resistance 3: 1.5900
Resistance 2: 1.5880
Resistance 1: 1.5850
Latest New York: 1.5789
Support 1: 1.5750/60
Support 2: 1.5720
Support 3: 1.5650/60

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

2:45am EUR French Industrial Production m/m -0.8%
4:00am EUR Italian Industrial Production m/m -0.2%

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

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Jason Alan Jankovsky