The following are your forex day trading signals, or forex analysis, for Dec 15.  Monday was a a rather dull day, with the pair holding in a 80 pip range for the day; the average daily range for the pair is 135 pips.  So it was definitely a quiet day, with little news to spark any action.  The stock market was also rather sedate.

News out of the Euro Zone and the USA Tuesday is likely to bring us more towards the average daily range.

Resistance is currently between 1.4680 & 1.4690.  Further resistance is offered just above 1.4700-1.4720.  Movement above indicates the possibility of a false downward break, and that recent highs at 1.4760 and/or 1.4780 will be tested.  If the pair approaches 1.4800 it is likely to move through, with a target of 1.4815.

Some minor support levels have developed based on Monday’s trading.  The first is 1.4640 with a move below targeting 1.4620.  1.4620 is also a support level with a move below it testing lows between 1.4600-1.4585.   A sustained break below is likely to target 1.4525 and beyond that, if needed, 1.4500-1.4485.

Trade with the trend but don’t become attached to it, especially with market moving news out today.

Want to learn more about trading Forex?  Check out my ebook.

Have a great week!

Cory Mitchell, CMT
Chief Market Strategist
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