Rate follows GBP lower and cross-spreading likely adding pressure; rate holds a
test of 1.2520 area again but rally is needed to hold support zone otherwise
another low is likely. Stops building on both sides as the rate tests for stops
on the downside first. Upside stops likely cleared at 1.2630/50 area for now;
likely layered above 1.2680 through 1.2750 area now.
Key 1.3030 area
likely next; failure to hold 1.2900 likely going to be the test for the bulls
this week. Close above key 1.3030 area needed for further upside until then
rallies likely to be sold so expect more two-way action. Bulls are still
attempting to find a bottom. 100 day MA falling to key resistance area of 1.3030
area by next week likely to add to overhead resistance. Technical levels around
the 1.2920/50 area now likely to offer resistance so expect two-way action and
consolidation underneath.
Data due Wednesday: All times EASTERN (-5
GMT)
4:00am EUR Final Services PMI
Resistance 3:
1.2780
Resistance 2: 1.2720
Resistance 1: 1.2680
Latest New York:
1.2584
Support 1: 1.2520
Support 2: 1.2500
Support 3: 1.2480
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