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Currency Technical Report

Wed, Oct 15 2008, 08:33 GMT
by George Antonakos

FXGreece

EUR/USD

Resistance: 1,3670-80/ 1,3720/ 1,3760-70/ 1,3810/ 1,3890/ 1,3910/ 1,3950
Support : 1,3650/ 1,3600/ 1,3550-70/ 1,3500-10/ 1,3440-50.

Comment: First basic resistance at 1,3750-70 is reached, and bears made their appearance, leading euro back to 1,3600 area. The market is volatile and the ranges for the upward scenario are set at 1,3440-50. First important support, in case of new lows, is found at 1,3480-00.
Upwards, euro should breach 1,3620-30 and turn the area of 1,3600 into a support, in order to confirm bulls’ strength. Next resistance is found at 1,3690-00 and 1,3760-70. A clear break of the second, would indicate the trend reversal and targets at 1,3910-20 and 1,4070-00 will be back in the game...



STRATEGY
Buy : Retracements towards 1,3480-3510 could be used for buy positions, with stops below 1,3440 and target at 1,3600 and 1,3650-60.
An upward break of 1,3630 would be used for buy orders and target at 1,3700 and 1,3760-70 with stops below 1,3585. A break of 1,3790 could also be used for buy positions, with target at 1,3910-20 or 1,4000.

Sell: Short term sell positions could be tried at 1,3620-30 area with tight stops. Target is a retracement to previous lows. Most important resistance is found at 1,3750-70 area and offers good sell opportunities...





GBP/USD

Resistance: 1,7550-60/ 1,7590/ 1,7640-50/ 1,7690/ 1,7730-40/ 1,7800-10
Support : 1,7400-10/ 1,7330-/ 1,7270/ 1,7240-50/ 1,7170-80

Comment: First important resistance is reached and pound formed a corrective move. Due to the intensive rise, previous tops may be reached again and a break of 1,7500 would confirm it. If the area of 1,7500 could not be breached and the price moves below previous lows, it will be a negative sign. Targets in that case will be set at 1,7270-80 and 1,7200...



STRATEGY
Buy : We will try buy positions at 1,7400-30, with stops below 1,7370 and target at previous tops. A possible break will be followed with buy positions again and target at 1,7830..

Sell : Sell positions will be tried again at 1,7620-50, with stops above 1,7680 and target at 1,7530.





USD/JPY

USD/CHF

• fxgreece_currency Technical Report_081015

Published on  Wed, Oct 15 2008, 08:42 GMT