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Currency Technical Report

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

FXGreece  |  View company's profile


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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. .



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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… .

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  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.
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