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Currency Technical Report

Fri, Oct 17 2008, 09:41 GMT
by George Antonakos

FXGreece

EUR/USD
Resistance : 1,3520-30/ 1,3560/ 1,3610-20/ 1,3670
Support : 1,3420-30/ 1,3350/ 1,3300/ 1,3260/ 1,3230/ 1,3150/ 1,3050

Comment: Euro moved sideways, and seems to be forming a consolidation in the short term charts and also the daily chart. The ranges of the consolidation should be from 1,3420-30 to 1,3520-30 are in the short term. A clear break should allow at least a 100 pip move towards the break’s direction.
An upward break seems more likely in the long term so we will follow for now the consolidation between 1,3350-3400 and 1,3700-3750. A downward break will bring our lower targets back in the game. We stay neutral for the time being, waiting for more signs.



STRATEGY
Buy : Small positions could be tried in the ranges of the triangle, which means buy at 1,3400-25 with stops below 1,3370 and target at 1,3520-30. Alternatively, we will try buy positions after the break of the triangle formation with first target at 1,3620-30, expecting a move resumption to 1,3700-30 area. Buy orders would emerge in case of a break at 1,3250-70 area…

Sell: Sell opportunities emerge at 1,3520-40 with close stops (1,3560) and target at 1,3420-30.A clear break of 1,3420 could also be used for sell positions with target at 1,3330-40 or even lower...





GBP/USD

Resistance: 1,7350/ 1,7390/ 1,7430/ 1,7480/ 1,7520-30
Support : 1,7130/ 1,7090/ 1,7030/ 1,6980/ 1,6930

Comment: Sideways consolidation for the pound, with first resistance at 1,7360-90 , and support at 1,7270 area. A clear break of 1,7390 will indicate bulls strength and targets will be set at 1,7520-30 and 1,7600-20.
Below 1,7270, first target is set at 1,7180-90 area, while a clear break of 1,7100 indicates a retracement to previous lows...



STRATEGY
Buy : Buy orders could be tried after a break of 1,7390-00 resistance, with target at 1,7600 and stops below 1,7340, or at 1,7200 area, with stops below 1,7150.

Sell: Sell positions could be tried at 1,7380-00, with stops above 1,7430, or after a break of 1,7270, with target at 1,7200 area...

 

USD/JPY

USD/CHF

• fxgreece_currency Technical Report_081017

Published on  Fri, Oct 17 2008, 09:45 GMT