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Currency Technical Report

Fri, Oct 24 2008, 10:48 GMT
by George Antonakos

FXGreece


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: The reaction almost until 1,3000 and the quick retracement below 1,2900, indicated that bears dominate and the trend is still strong. The base of 1,2720-40 is tested once again and demand in these levels is running out…
A clear break of 1,2700 will cancel expectations for a bigger reaction , bringing lower targets at 1,2600, and more possibly 1,2470-2530 area back in the game…
A false break of 1,2700 and a quick retracement would rise some hopes, but we should wait for a clear break of the resistance levels and close above important resistances before we confirm the reversal.
First important resistance is found at 1,2850-60, followed by 1,2920 and 1,300. We should wait for a daily close above the last resistance level, as a reversal sign. Until then, we will follow the trend…


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STRATEGY
Buy : We keep buy positions small until we see reversal signs and try orders at previous lows with stops below 1,2690 and target at 1,2850-60. Alternatively, we could try buy orders at a false break of 1,2700 and quick retracement above 1,2750, or at lower levels, as 1,2590-2600 or 1,2470-2530 area…


Sell : The trend is your friend, as we mentioned yesterday, and sell positions at the reactions could be a profitable strategy.. Today, we will follow a clear break of 1,2720 with stops above 1,2760 (false break) and target at 1,2590-2610.
In case of a reaction we will sell at the retracements at 1,2850-60 and 1,2920-30 area, with target at a pullback to 1,2720-40 base and stop above previous lows…

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Published on  Fri, Oct 24 2008, 10:54 GMT


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