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Currency Technical Report
Fri, May 2 2008, 10:23 GMT
by George Antonakos
EUR/USD
Resistance: 1,5480/ 1,5520-25/ 1,5550/ 1,5600
Support : 1,5440-50/ 1,5400/ 1,5375/ 1,5350
Comment : Euro performed a sharp drop yesterday, as traders in favor of that trend, took advantage of the holiday and low liquidity in the morning, and then during US session the pair fell to new lows. This move shows that “somebody” (powerful enough) wish to see euro in lower levels, maybe because they have positions higher or they try to form a trend using low liquidity situations, as those levels are not desirable.
The trend is clearly bearish, and we will follow the market until we see signs of reverse.
Technically the exit of the wedge formation will probably lead to 1.5350 area, followed be 1.5250-70 area (if we expand the ranges of the formation from the break point).
In those levels (if not higher), the downward move should be limited and an upward reaction is possible from there.
The area of 1.5400 is the first intraday support level, followed by the area of 1.5350.
Resistance is found in the area of 1.5490-5510, followed by a most important at 1.5550 area. Of course the ranges for the trend reverse are found higher, in the area of 1,5640-50.
TRADING EUR/USD : We keep our positions small and test sell positions in the reactions towards 1.5525 and 1.5550 area, putting stops above 1.5575, having as target the area of 1.5450.
A downward break of the consolidation, may be used for sell positions with target the area of 1,5380 and 1,5350. Below the 1,5380 area, buy positions could be tested, adding more in the area of 1,5250-70, as a bigger reaction towards the 1,5650-00 area is expected… 
GBP/USD
Resistance :1,9800/ 1,9830/ 1,9855/ 1,9900-10/ 1,9980
Support : 1,9730/ 1,9700/ 1,9650/ 1,9600
Comment : The pair continues to show high volatility between the ranges of the sideway consolidation.
Strong resistance is found at the formation ranges, in the area of 1.9930-50 and 1.9650-70, and interim support and resistance occurs in the area of 1.9700 and 1.9830 accordingly…
TRADING GBP/USD : We stay out until better conditions for a low risk strategy are formed. A downward break of 1.9700 will probably lead to 1.9600 area, and an upward break of 1.9630 should lead to the 1.9910 area.. 
USD/JPY
USD/CHF
AUD/USD
EUR/CHF
EUR/GBP
GBP/JPY 
EUR/JPY
GOLD
SILVER
CRUDEOIL
DOW JONES
Published on Fri, May 2 2008, 10:35 GMT
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Published On Thu, Jul 2 2009, 10:33 GMT - Currency Technical Report
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