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Currency Technical Report
Tue, Aug 26 2008, 11:00 GMT
by George Antonakos
EUR/USD
Resistance : 1,4640-50/ 1,4670-80/ 1,4710-15/ 1,4750-55/ 1,4790-00/ 1,4830
Support : 1,4590-00/ 1,4550/ 1,4520-30/ 1,4490-00/ 1,4465
Comment : Euro reached the resistance levels we had set at 1.4800 area, according to our analysis yesterday, and then moved to new lows.
There are only few things to add to our yesterday’s analysis. The formation of an important low at 1.4450-4550 is a possible scenario and we will move towards this direction, regarding our positions.
The negative picture will change after a reaction above 1.4720, at first, and then above 1.4810, where the ranges for the reversal are found.
Until euro reaches out basic target area or give any reversal sign, it should keep its negative outlook...
TRADING EUR/USD
SWING TRADING : The scenario remains the same. Open positions from the reaction at 1.4900 area should be gradually closed below 1.5600, while a move towards 1,4550 and lower, will be used for buy positions (per 50-70 pips) until 1.4370-00 area, with stops below 1.4300. Our targets will be set at 1.5000 or even 1.5300...
INTRADAY TRADING : Our strategy yesterday proved accurate and today we will use the reactions towards 1,4640-50 and 1,4670-80 for sell positions with stops above 1,4710.
If lower targets are reached first, without any previous reaction, the area of 1.4550 will be used for buy orders, adding more at 1.4510 and stops will be set below 1.4470. Our target will be at 1.4600 area...
GBP/USD
Resistance : 1,8390-00/ 1,8425-30/ 1,8470-75/ 1,8510/ 1,8550-60
Support : 1,8350/ 1,8320-30/ 1,8290/ 1,8250-55/ 1,8200
Comment : The pound continues its sharp decline. Bears gained momentum at the reaction to 1.8590-00 area, and today the pair continues its move towards our basic targets at 1.8300-50. We should remind that targets are met at 1.8320-30, levels of technically strong support.
Below 1.8270, the support level will no longer be valid and the move may continue to 1.8000-50 area. A first sign of strength will emerge, if resistance at 1.8480-00 is breached...
TRADING GBP/USD : We will follow the reactions towards 1,8400 for sell orders with target at 1,8350 and 1,8320-30. We will try buy positions at 1,8330, adding more at 1,8290 and set our stops below 1,8250. Our targets will be at 1,8790-00 and ,depending on the conditions, at 1,8950-00 area...
Published on Tue, Aug 26 2008, 11:04 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
Published On Thu, Nov 27 2008, 12:52 GMT - Currency Technical Report
Published On Wed, Nov 26 2008, 11:52 GMT - Currency Technical Report
Published On Tue, Nov 25 2008, 09:12 GMT
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