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Currency Technical Report

Fri, Oct 10 2008, 09:01 GMT
by George Antonakos

FXGreece

EUR/USD

Resistance: 1,3625/ 1,3670/ 1,3720/ 1,3760-70/ 1,3810
Support : 1,3500-10/ 1,3440/ 1,3400/ 1,3370/ 1,3340/ 1,3300

Comment: The upward move above 1,3750-70 area was reversed, canceling all upward expectations and the pullback below 1,3700 indicated what is about to follow. The upward consolidation from 1,3440 was reversed and euro is reaching now the support level of 1,3510, which is a target for our upward expectations.
The reaction and the candle formation in the daily chart cause stress to buyers, because usually after such formations, important moves should follow.
Below 1,3510, the most possible scenario would be euro’s move towards previous lows or even lower towards 1,3350-70 or 1,3300-320, where important targets and support levels are found in the long term charts.
There are many scenarios in such a volatile market. One thing is certain though; the trend is clearly bearish and trying to find a bottom is useless. We should wait until some reversal signs appear in the daily chart, an important support at 1,3300-70 is reached...



STRATEGY
Buy orders : Small buy positions could be tried only at previous lows, with close stops and a retracement to 1,3510-20 area as target.
For longer term positions, we could try buy orders at 1,3300-50, with stops below 1,3240, expecting a pullback to 1,3910-20 or 1,4000-50...
A possible break of 1,3620-30 may be followed with buy positions and target at a return to 1,3750 area, in term of a sideways consolidation formation...

Sell orders : Small sell positions could be tried after a downward break of 1,3500 having as target the retracement to previous lows.
As an alternative, sell positions could be tried at 1,3580 and 1,3615-20, with stops above 1,3660. Target will be set at previous lows...

 


GBP/USD
Resistance:1,6950-70/ 1,7000/ 1,7050/ 1,7100
Support: 1,6800/ 1,6770/ 1,6700/ 1,6650

Comment: Sharp decline beyond every possible technical support. This free fall could even reach 1,6350-6450 area. A good reversal sign in the daily chart or a reach of lower targets would give a positive outlook to the pair.




STRATEGY : We stay out of the market. We could try buy positions at 1,6730-50 with stops at 1,6700...






USD/JPY




USD/CHF

• fxgreece_currency Technical Report_081010

Published on  Fri, Oct 10 2008, 09:04 GMT