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FX daily Commentary

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Currency Technical Analysis

Tue, Dec 23 2008, 11:19 GMT
by George Antonakos

FXGreece

EUR/USD

Resistance: 1,4030/ 1,4060/ 1,4100/ 1,4150-55/ 1,4200-10/ 1,4260/ 1,4310/ 1,4400
Support : 1,3900-10/ 1,3830/ 1,3780/ 1,3730/ 1,3675/ 1,3630/ 1,3580

Comment: The area of 1,3800-3900 which was previously an important support and target level for the first corrective move, still sets the lower ranges. There is nothing new to add to our yesterday’s analysis, due to the pair’s consolidation.
A retracement to previous tops of 1,4700-20 or to new tops and a reach of 1.3600-50 would be possible if the area of 1,3800-3900 is breached during the retracements. Below 1,3600 the upward scenario would be canceled…Next important support is found at 1,3300…
Important intraday resistance is found at 1,4100-30, followed by 1,4200-10.
Next resistance emerges at 1,4300-20, followed by 1,4700-20, if it is breached before the end of the year…



*STRATEGY :
Low volatility in the market, due to low liquidity conditions. A possible break of 1,4030 could be used for buy orders with target at 1,4100-20. Sell orders could be tried at 1,4100-20, with stops above 1,4150.
Sell positions would also be tried at a downward break of 1,3880, with target at 1,3800…


*The above mentioned strategy refers to orders that we may follow for personal accounts, depending on the market analysis and the potential reach of resistance and support levels. We do not encourage buy or sell orders, as its effective use is based on correct risk management and the ability of position readjustment depending on current conditions.

Published on  Tue, Dec 23 2008, 11:23 GMT