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Currency Technical Report
Mon, Aug 4 2008, 10:57 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 seems to be forming a base at the important midterm support of 1,5500, levels where bulls should start gaining momentum, if the basic upward trend is still valid.
A clear upward candle in the daily chart, would give a technical buy sign and confirm the support levels. First resistance is found at 1,5600-20 and 1,5640-50, which is more important...A move above 1.5650 1,5650 will indicate that the move is likely to continue towards 1,5500 and a daily close above those levels could lead 1,5800-50 area, where our basic targets are found.
If the area of 1,5620 cannot be breached and the move is continued below 1.5500, it will be a sign of weakness. Last support regarding the upward move is found at 1,5460-70 and below this level a move to the base of 1.5300 or even lower will be possible.
Lets not forget that we are facing a period of low liquidity and high volatility...
TRADING EUR/USD
SWING TRADING : Buy positions have been tried at 1,5620-30 until 1,5510-30, with target at 1,5800-50. We will keep these positions small and set our stops below 1,5450...
INTRADAY TRADING : We will use retracements towards 1,5540-60 for buy positions with stops below 1,5500 and targets at 1,5620 and 1,5640-50. In the second area, small sell positions could be tried with target at 1,5610 and stops above 1,5665.
A clear break of 1,5650 may be followed with buy orders...
GBP/USD
Resistance : 1,9730/ 1,9760/ 1,9800/ 1,9830/ 1,9855
Support : 1,9680/ 1,9650/ 1,9630/ 1,9600/ 1,9550
Comment : The pound continues to be weak and basic targets are found at 1,9690-9710 are achieved. The move is likely to continued until 1,9650-70, which seems as the lower range until bulls gain back momentum. Below those levels a further move until the base of 1,9400-50 will be possible.
An upward break of 1,9730 and 1,9760, will indicate that support at 1.9700 is strong. A daily close above 1,9760, will make an upward reaction until the area of 1.9900-30 possible once again...
TRADING GBP/USD : We will try small buy positions at 1,9680-00 and 1,9650 with stops below 1,9630. Target will be at 1,9750-60. A clear break of 1,9650 will be followed with sell orders...
USD/JPY 
USD/CHF
Published on Mon, Aug 4 2008, 10:58 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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