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Currency Technical Report
Mon, Nov 3 2008, 12:40 GMT
by George Antonakos
Resistance: 1,2865-75/ 1,2940/ 1,3000/ 1,3050/ 1,3100-20/ 1,3170
Support : 1,2800-10/ 1,2750/ 1,2700-10/ 1,2620/ 1,2575-80/ 1,2500/ 1,2440/ 1,2390/ 1,2330…
Comment : A week full of important economic announcements is starting, with interest rate decisions from Europe and UK, Non Farm Payrolls and unemployment rate from US, ISM, US elections and many more that are likely to cause high volatility in the markets. The expected rate cut from Europe may compensated by negative economic released, expected from US, so we cannot make a clear prediction.
As we mentioned in our previous analysis, market’s prediction this period is difficult and so do short term strategies .
According to the technical outlook, oscillators are in an oversold area and a base is being formed in the weekly chart, while in the daily chart Thursday’s and Friday’s negative candles give a negative sentiment.
First basic support is found at 1,2580-2620, followed by 1,2400-50.
The big fall from 1,3290-00 tops makes the reaction from Sunday’s open corrective, as at 1,2900-20 the 38,2% retracement level will be completed (the decline from 1,3297- 1,2667).
We will focus on 1,2980-00 area(50%) in the beginning of the week, and an upward break could lead to 1,3170 or previous tops. A sideways consolidation is possible and we should wait for the market’s reaction in the beginning of the week and the month in order to form a more detailed strategy.
STRATEGY
Buy: The last reaction cancels any buy strategy at current levels, so we should wait until a break of 1,2930, with stops below 1,2870 and target at 1,2980-00, or a retracement to Friday’s lows or support levels at 1,2580-00…
Buy orders could also be tried at a possible break of 1,3030, with target at 1,3170-00 or previous tops…
Sell: Bears should appear at 1,2975-00 resistance levels and also at 1,2910-20 area. We should try sell orders at these levels only with the intention to add positions at 1,2975-00. Stops could be set above 1,3060 and target at 1,2800-30…
Sell positions could be tried at a break of 1,2750, with target at 1,2650-60 or 1,2580-00 and stops above 1,2810…
Due to high volatility we should keep our positions small…
Published on Mon, Nov 3 2008, 12:44 GMT
Archive
- Currency Technical Report
Published On Thu, Jul 2 2009, 10:33 GMT - Currency Technical Report
Published On Wed, Jul 1 2009, 10:18 GMT - Currency Technical Report
Published On Tue, Jun 30 2009, 10:41 GMT - Currency Technical Report
Published On Mon, Jun 29 2009, 11:55 GMT - Currency Technical Report
Published On Fri, Jun 26 2009, 11:29 GMT
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