We did see further selling in the EUR Tuesday taking us right to the 1.4500-1.4485 resistance area.  1.4500 did hold up, with the rate then rallying to 1.4540.

Wednesday should be an interesting day with a whole menu of economic news goodies to be gobbled up the market.  Expect a volatile day.

Probabilities still lie in favor of downward action.  Resistance is at 1.4570 with a rise above indicating an increase to 1.4600-1.4615.  Further rises are likely to encounter resistance at 1.4640, 1.4660 and 1.4680.  1.4680 is the the main one to watch for.  Until that level is taken out, this market remains in correction.  If the level is taken out, it provides a case for at least a short term reversal higher if the level can be sustained.

Movement below minor resistance at 1.4520 indicates a retest of lows at 1.4500.  The actual support range is 1.4500-1.4485.  A move below this has a target of 1.4460, 1.4430 and 1.4400.

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Cory Mitchell, CMT
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