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Currency Technical Report
Mon, Oct 20 2008, 10:54 GMT
by George Antonakos
EUR/USD
Resistance: 1,3515-20/ 1,3540/ 1,3575-85/ 1,3610-15/ 1,3650/ 1,3680/ 1,3730
Support : 1,3440-451,3420-30/ 1,3350/ 1,3300/ 1,3260/ 1,3230/ 1,3150/ 1,3050
Comment: The beginning of the week finds euro in a sideways consolidation as we had mentioned in our previous analysis. The ranges of this formation in the short term charts are between 1,3500-20 and 1,3390-3410, while in the daily chart the range is extended to 1,3750 area.
Our strategy in such market conditions will be either trying positions in the ranges of the formation, or wait for the break. A clear break of 1,3520 or 1,3590 could allow a 100 pip move towards the break’s direction, while next resistance is found at 1,3670-80 and 1,3750-70 area.
Downwards, next target is set at previous lows and the move may be resumed to 1,3100 area...
STRATEGY
Buy : We buy at a clear break of 1,3520 with target at 1,3580 and 1,3615-20. Our stops will be set below 1,3560, while in case of a false break we will reverse our positions. Buy orders could also be tried at a reach of 1,3390-00 support again, with stops below 1,3370 and target at 1,3450-60 and 1,3500.
Sell: We could sell at a clear break of 1,3380, with first target at 1,3300, followed 1,3260 lows. Small sell positions could be tried at 1,3510-20, with stops above 1,3540, but we could rather wait for reversal signs and the confirmation of the resistance level, before we try such positions…Sell orders could also be tried at 1,3610-25 area.
We should look for false upward breaks, as they offer sell opportunities...
Visit our site for more Currency technical analysis at http://www.fxgreece.gr/en/forex.asp ..
Published on Mon, Oct 20 2008, 10:55 GMT
Archive
- Currency Technical Report
Published On Thu, Nov 19 2009, 12:23 GMT - Currency Technical Report
Published On Wed, Nov 18 2009, 13:36 GMT - Currency Technical Report
Published On Mon, Nov 9 2009, 11:37 GMT - Currency Technical Report
Published On Thu, Nov 5 2009, 12:52 GMT - Currency Technical Report
Published On Mon, Nov 2 2009, 12:37 GMT
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Legal disclaimer and risk disclosure
- The details and information included in the provided analysis, are part of research based exclusively on currency charts and are of purely instructional and educational nature. None of the information featuring in the analysis can be considered as an invitation for opening positions in FOREX market or in the market of forward contracts or any securities listed on an organized or unorganized market.
- We assume no responsibility for any kind of losses ,profits or property loss resulting, in whole or in part, from acts that are based either directly or indirectly on the processing or the use of information, details and strategies, the reader may find in the analysis. The readers hold full responsibility for the use and the results of their actions.
- The recipients of the analysis must acknowledge and accept that investment choices of any kind, especially concerning the FOREX market, contain risks (high, low and occasionally zero) of reduction or even loss of their investment. Therefore, they should always be cautious prior to any kind of action.
- We reserve the right to change the terms and the characteristics of the analysis.
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Trading foreign exchange on margin carries a high level of risk and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to trade foreign exchange you should carefully consider your investment objectives, level of experience and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading and seek advice from an independent financial advisor if you have any doubts.
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