FXstreet.com

0

0

Currency Technical Report

Thu, Oct 23 2008, 13:44 GMT
by George Antonakos

FXGreece


EUR/USD
Resistance: 1,2850-60/ 1,2900-10/ 1,2950-60/ 1,3000/ 1,3040/ 1,3080.
Support : 1 1,2800/ 1,2770/ 1,2740/ 1,2700/ 1,2650/ 1,2600-20


Comment: Euro returned to previous lows, and we can see the first signs of stability. Lows at 1,2720-40, formed two equal waves (Α-Β and C-D) in the daily chart. Euro usually forms equal waves during its trends and this is a reason why we are optimistic despite the strong trend….
We need a reversal candle or a break of important resistance levels in order to confirm it. Until then we wait or we are very cautious at any buy position… .
Resistance is found at 1,2850-70 and 1,2640-60. An upward break of the second could lead to 1,3080, or even 1,3270-00 area. .
If resistance is not breached, the short term trend will remain bearish and a move to previous lows could follow. .
A clear break of 1,2720 would lead to 1,2530-70 area, where important long term support is found. .



1
Buy: We keep buy positions small until we see reversal signs and try positions at previous lows with stops below 1,2690 and targets at 1,2850-60, or at a break of 1,2850 with target at 1,2930-40.
An alternative scenario would be buy after a break of 1,2950 with target at 1,3080 and stop 1,2890, or in case of new lows, we could buy at 1,2530-60 with stops below 1,2490….

Sell : They say trend is your friend, and this couldn’t be more true in euro’s case. We will try sell positions at new lows, with target at 1,2600-30. We could also try sell orders at 1,2920-40, with stops above 1,2965. We should be careful for false breaks, as they give good sell opportunities… .

2



Archive

FXGreece  | 98 Vouliagmenis Ave. Glyfada Athens
http://www.fxgreece.gr/ | trading@fxgreece.gr

Legal disclaimer and risk disclosure

  1. 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.
  2. 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.
  3. 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.
  4. We reserve the right to change the terms and the characteristics of the analysis.
  5. The contents of the analysis are solely intended for personal use. They may not be retransmitted, reproduced, distributed, published, adapted, modified or assigned to third parties in any way whatsoever. Anyone having access to them is required to comply with the law provisions on the protection of third party intellectual property rights.

Related reports

FX View - Headline unemployment rate creates dollar shocker by Interactive Brokers LLC
Fri, Nov 6 2009, 18:41 GMT

Forex Daily Overview - USD mixed, unemployment rises to 10.2% by Easy Forex
Fri, Nov 6 2009, 18:31 GMT

Forex Daily Analysis - USDJPY is moving towards support level at 89.55 by Investija.com
Fri, Nov 6 2009, 14:35 GMT

Forex Technical Report - U.S. Markets Brace for Jobs Data by ForexHound.com
Fri, Nov 6 2009, 13:29 GMT

Forex Technical Report - Dollar Trading Lower Ahead of U.S. Jobs Data by ForexHound.com
Fri, Nov 6 2009, 13:19 GMT

eurusd

View All

Related content


Interested in forex trading? forex brokerage firms!


Forex Capital Markets, LLC (FXCM)
Contact the broker/FDM
Open a demo account
MG Financial Group
Contact the broker/FDM
Open a demo account
City Credit Capital (UK) Limited
Contact the broker/FDM
Open a demo account
Interbank FX, LLC
Contact the broker/FDM
Open a demo account
Saxo Bank A/S
Contact the broker/FDM
Open a demo account

GET CASH BACK FOR YOUR TRADES!   Learn more about the Pip Rebate Program

Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer.

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.

Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. FXstreet.com has not verified the accuracy or basis-in-fact of any claim or statement made by any independent author: errors and Omissions may occur.

Any opinions, news, research, analyses, prices or other information contained on this website, by FXstreet.com, its employees, partners or contributors, is provided as general market commentary and does not constitute investment advice. FXstreet.com will not accept liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from use of or reliance on such information.

©2009 "FXstreet.com. The Forex Market" All Rights Reserved.