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Currency Technical Report
Wed, Jul 30 2008, 11:32 GMT
by George Antonakos
EUR/USD
Resistance : 1,5620-30/ 1,5650/ 1,5675-80/ 1,5710/ 1,5750
Support : 1,5570/ 1,5550/ 1,5510-20/ 1,5465-75
Comment : Euro declined sharply and formed new lows at 1,5550-55 area. The top formation scenario, that would lead to a rise towards 1,5830-50 before the downward move, was not accurate and yesterday's decline led euro to the next important support level. As we can see in the daily chart, the area of 1,5510-60 is technically an important support level, and due to the symmetry between the cycle lows in the 4 hour chart, an upward move formation would be very possible. Next important support level is found at 1,5460-75. Below those levels, our next target will be the base of 1,5300. That would be a less possible scenario, according to current signs.
First intraday resistance emerges at 1,5620-30, followed by the area of 1,5665-75. A possible move above 1,5700 would indicate the trend reversal, leading to the area of 1,5770-80 at first and then to 1,5850 area.
TRADING EUR/USD
SWING TRADING : Yesterday’s decline activated our lower orders at 1,5570, according to our basic scenario. We will keep our stops below 1,5500...
INTRADAY TRADING : Short term buy positions in our yesterday scenario, were closed with stops after the break of 1,5650 and today we will try sell positions at 1,5665-75, with stops above 1,5710 and target at 1,5610. A clear break of 1,5620 may be used for small buy orders with stops below 1,5600 and target at 1,5670...
A possible decline until 1,5520-30 will be used for buy positions, having as target the area of 1,5590 and stops below 1,5500.
GBP/USD
Resistance : 1,9830-40/ 1,9865/ 1,9900/ 1,9930/ 1,9960
Support : 1,9800/ 1,9760-70/ 1,9730/ 1,9700/ 1,9550
Comment : Our scenario regarding the pound proved accurate, as the base of 1,9810-30 was reached once again. The move was continued below 1,9800 and a resumption to 1,9700-30 area is now possible.
First important resistance levels is found at 1,9830-50. If this level is not breached and the move is limited below today’s lows, the move may be continued even lower. Next targets are set at 1,9665-75 and 1,9630...
A move above 1,9860 would indicate that high volatility will be continued for the pair and a complete reversal of yesterday’s decline would not come as a surprise.
TRADING GBP/USD : Sell orders will be tested in the reactions towards 1,9830 and 1,9860 with stops above 1,9885 and targets at 1,9760-70 area.
USD/JPY
USD/CHF
Published on Wed, Jul 30 2008, 11:35 GMT
Archive
- Currency Technical Report
Published On Mon, Dec 1 2008, 11:15 GMT - Currency Technical Report
Published On Fri, Nov 28 2008, 09:05 GMT - Currency Technical Report
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