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Currency Technical Report
Wed, Oct 29 2008, 12:47 GMT
by George Antonakos
Resistance: 1,2790-00/ 1,2845/ 1,2880/ 1,2920/ 1,2950/ 1,2990-3010/ 1,3050/
Support : 1,2620-30/ 1,2550/ 1,2500-10/ 1,2440/ 1,2390/ 1,2330
Comment: The signs we had recognized in our previous analysis were confirmed, and euro broke the first important resistance levels, giving the first reversal signs. We have a reversal candle in the daily chart, a base formation and a reversal formation in the hourly chart, while we are in an oversold area, above important support levels.
Yesterday’s positive sentiment continues, as long as retracements do not breach 1,2500 area. Below these levels, our confidence will start to fade, while below 1,2420 our upward scenario will be canceled.
The upper part of the channel that sets the trend at 1,2990-3010 is the first possible target in case of a rise resumption, and resistance is found at 1,2870-90. A clear break of 1,3000 would lead to 1,3350-00, where our next targets are set.
If previous tops cannot be breached and the price moves below 1,2500, it will be a negative sign, while below 1,2420, a pullback to previous lows at 1,2330-40 or even lower will be possible.
For now, we will follow the short term upward reaction until it is reversed. This should not happen, until the rate decision today…
STRATEGY
Buy: We have more signs now to follow a buy strategy and we will try it at current levels, adding more positions at 1,2580-2630 and stops below 1,2500. First target is the retracement to previous tops or 1,2870-90, followed by 1,2990-3020 which is our basic target.
Sell: Sell orders could be tried at 1,2860-80, with stops above 1,2920. We could also try sell orders at more important resistance levels at 1,2890-3010 with stops above 1,3060, expecting a retracement to 1,2750-00 area…If support at 1,2500 is breached downwards, we may follow with sell positions…
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Published on Wed, Oct 29 2008, 12:51 GMT
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