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Currency Technical Report
Mon, Dec 1 2008, 11:15 GMT
by George Antonakos
EUR/USD
Resistance: 1,2710-20/ 1,2750/ 1,2800-10/ 1,2860-70/ 1,2900/ 1,2960
Support : 1,2650/1,2570/ 1,2820/ 1,2480/ 1,2430/ 1,2390-00
Comment: The downward break of 1,2800, canceled all upward expectations and indicated that the wider consolidation is still valid. Our first targets were achieved and next targets are set now at 1,2560-80. If the decline continues, next support emerges at 1,2480-2510, while the base of the formation is found at 1,2400 area.
Upward reactions should find resistance at 1,2720-30, followed by 1,2800-20 area. Resistance at 1,2860-90 sets the ranges for the short term downtrend after the break of 1,2800, and its upward break should bring back the positive sentiment…
*STRATEGY :
Buy : Buy orders could be tried at 1,2560-80 with stops below 1,2530 and target at 1,2650 and 1,2700-20. An upward break of 1,2730 could be used for buy orders with target at 1,2790-00 area…
Sell : We follow the short term trend and try sell orders at the reactions towards 1,2800, with the intention to add positions at 1,2860-80 and stops above 1,2930…
*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 Mon, Dec 1 2008, 11:15 GMT
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Legal disclaimer and risk disclosure
- The details and information included in the provided analysis, are part of research based exclusively on currency charts and are of purely instructional and educational nature. None of the information featuring in the analysis can be considered as an invitation for opening positions in FOREX market or in the market of forward contracts or any securities listed on an organized or unorganized market.
- We assume no responsibility for any kind of losses ,profits or property loss resulting, in whole or in part, from acts that are based either directly or indirectly on the processing or the use of information, details and strategies, the reader may find in the analysis. The readers hold full responsibility for the use and the results of their actions.
- The recipients of the analysis must acknowledge and accept that investment choices of any kind, especially concerning the FOREX market, contain risks (high, low and occasionally zero) of reduction or even loss of their investment. Therefore, they should always be cautious prior to any kind of action.
- We reserve the right to change the terms and the characteristics of the analysis.
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