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Currency Technical Report
Thu, Jul 31 2008, 12:36 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 : The important support area of 1,5510-30 in the daily chart, held the move, leading euro to 1,5640 area. If this support level holds, it will be important for euro, as a downward break (below 1.5460) would indicate that the uptrend may not be continued and a retracement to the base of 1,5300-50 or even lower, will be possible. First intraday resistance is reached (1,5640) and next is found at 1,5670-80. A move above those levels will indicate a possible pullback to 1,5800-30 with interim resistance at 1,5760-70...
A move below the base of 1,5560 without breaching the first resistance levels at 1,5640 would prove the bears’ strength and the area of 1,5500-20 will be back in the game.
Below 1,5500, next important support is found at 1,5465-80. The ranges for our upward expectations will be set there...
TRADING EUR/USD
SWING TRADING : The reach of 1,5520-30 activated our last orders. Our target will be at 1,5800-50 and stops will be set below 1,5500 for higher buy orders and below 1,5460 for yesterday’s orders...
INTRADAY TRADING : The reach of 1,5520-30 allowed us to try buy positions, according to our yesterday’s scenario, and targets at 1,5590 were achieved. Today we will try sell positions at 1,5670-80 with stops above 1,5710 and targets at 1,5630.
Small buy positions could be tested at any retracement to 1,5580-00 area with stops below 1,5550 and targets at 1,5670.
A clear break of 1,5550 may be followed will sell orders, having as possible target the area of 1,5500-10...
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 : The pound continues its downtrend and first basic targets at 1,9700-30 are almost reached. A sideways consolidation is being formed and its break will indicate the next move.
The ranges for the move today should be between 1,9680-00 and 1,9900-30 areas...
TRADING GBP/USD : We will follow the exit of the consolidation with buy or sell positions accordingly and targets at 1,9900 and 1,9700. The area of 1,9670-00 will be used for buy positions with stops below 1,9650 and the area of 1,9900-30 will be used for sell positions with stops above 1,9950...
USD/JPY 
USD/CHF
Published on Thu, Jul 31 2008, 12:39 GMT
Archive
- Currency Technical Report
Published On Mon, Dec 1 2008, 11:15 GMT - Currency Technical Report
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