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This report has been deactivated
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…
Visit our site for complete currency analysis ...
Currency Technical Report
Wed, Oct 29 2008, 12:47 GMT
by George Antonakos
FXGreece | View company's profile
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…
Visit our site for complete currency analysis ...
Published on Wed, Oct 29 2008, 12:51 GMT
FXGreece
| 98 Vouliagmenis Ave. Glyfada Athens
http://www.fxgreece.gr/ | trading@fxgreece.gr
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Published On Mon, Feb 8 2010, 11:29 GMT
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.
- 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.
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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.
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.
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