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Currency Technical Report
Thu, Nov 19 2009, 12:23 GMT
by George Antonakos
EUR/USD
Resistance: 1,4900/ 1,4930/ 1,4960/ 1,4990-5000/ 1,5025-30/ 1,5050-60
Support : 1,4840-50/ 1,4800-10/ 1,4760/ 1,4710-20/ 1,4680
Comment : The area of 1,5000 could not be breached again, and the sideways formation continues. Today starts negative for euro and1,4820-40 area is likely to be tested again as support..These levels have been already tested four times and couldn’t be breached and this means that this time a break is possible. In that case, our next target will be at 1,4700 or even lower at 1,4640-60, where the wider sideways formation is found (daily chart).
The uptrend will be possibly reversed, after a daily close below 1,4700 and a lower move towards 1,4640.
An upward move from 1,4820-40, would indicate that the sideways formation is still valid and a move back to 1,4950-60 and 1,5000-20, will be possible. An upward break of 1,5050-70, could lead to 1,5250-00 area.
For now, we remain within the ranges of the sideways formation…
*STRATEGY : Our strategy yesterday was profitable, and today we will try buy orders at current levels (1,4840-50) , adding positions at 1,4800-15, with stops below 1,4775. Our target will be at 1,4920-30 and 1,4960-70…
*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 Thu, Nov 19 2009, 12:23 GMT
FXGreece
| 98 Vouliagmenis Ave. Glyfada Athens
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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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