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Currency Technical Report

Wed, Sep 3 2008, 09:23 GMT
by George Antonakos

FXGreece

EUR/USD

Resistance : 1,4460-70/ 1,4510/ 1,4550-60/ 1,4600
Support: 1,4400/ 1,4370/ 1,4350/ 1,4290-00

Comment : Euro reached new lows during the Asia session, and the downtrend continues with weak retracements. As we have mentioned in our previous analysis, our basic targets from the double top are reached at 1.4500-30, while below 1.4500 until 1.4350, euro will meet long term support levels that set the long term uptrend.
The oscillators are found in an oversold area in the daily and the weekly chart, and due to important support levels that are being reached, we think that a formation of an important upward reaction is possible.
The ranges for this scenario will be limited close to 1.4300, while a clear break of those levels-even if it is technically unlikely-could lead to 1,3900-4000, which is the next support level.



First resistance is found at 1,4490-4510, followed by the area of 1,4550, at yesterday’s tops. A break of these tops would be a first sign of the bull’s strength, and the area of 1.4500 will be turned into a support. Regarding the longer term, we will search for reversal signs in the daily chart, in order to confirm our upward scenario...

TRADING EUR/USD
SWING TRADING : In such an intensive downward move it is risky to search for the lower level, but the support confirmation and our targets at 1,4350-4500, will lead us opposite to the theory. We will keep our positions small until we have more clear signs, which would confirm the reversal. The reach of the basic target at 1,4400-30, allowed us to add buy positions at 1,4330-50. Our stops will be set lower than 1,4300 and basic target will be the area of 1,4850-00.
INTRADAY TRADING : We will follow the current trend for short term positions, trying sell orders in the reactions. Sell opportunities would emerge at 1,4500 with tight stops and targets. Next resistance area, which could be used for sell positions, is found at 1,4550-60. A retracement to 1,4400-20 will be used for buy order, with target at 1,4460...

GBP/USD

Resistance : 1,7770-80/ 1,7820/ 1,7850/ 1,7880/ 1,7910
Support : 1,7700/ 1,7670/ 1,7650/ 1,7610-15/ 1,7570

Comment : The pound continues its free fall, forming a new low. This move brings the next important targets at 1,7600-50 back in the game. Even if it is difficult to recognize the bottom in a free fall, we will look for reversal signs in the wider area of 1,7600.
First important resistance is found at 1,7830-40 and 1,7900-10, where the ranges of the short trend reversal are found.



TRADING GBP/USD :
SWING TRADING : For longer term and higher risk positions, we will try small buy orders at a reach of new lows at 1,7650 and 1,7600 area Stops should be set below 1,7500 and targets at 1,8200 and 1,8500. These positions have big risk, as the pound is forming a free fall...

INTRADAY TRADING: We will follow the trend for short term positions until we see signs of reversal in the short term charts. The area of 1,7770-80 will be offered for sell positions. A clear break of 1,7700 could be also used for sell positions with target at 1,7650. We will try buy orders at 1,7600-30 θα with stops below 1,7570...

 

• fxgreece_currency Technical Report_080903

Published on  Wed, Sep 3 2008, 09:42 GMT