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Currency Technical Report
Tue, Nov 4 2008, 11:11 GMT
by George Antonakos
Resistance: 1,2640-50/ 1,2680/ 1,2710/ 1,2770-80/ 1,2810/ 1,2850/ 1,2890-00
Support : 1,2580/ 1,2530/ 1,2450/ 1,2400/ 1,2350/ 1,2330/ 
Comment: Euro moved downwards in the beginning of the week and the area of 1,2520-30 seems to limit the move for the time being. The common reversal candle in the daily chart above middle Bollinger and 38,2% retracement level warned us accurately about the negative sentiment that would follow, as there was no reversal sign or break of important resistance and the decline seemed as the only way.
Important support at 1,2570-00 was breached during Asia Session, while in the beginning of the European Session, we can see stability signs above 1,2600, that could lead to a reaction towards 1,2665-75 or 1,2720-30, where important intraday resistance is found.
Above 1,2730 bulls are likely to dominate and next target will be set at 1,2780-00. The trend could only be reversed after a break of 1,2900. Above these levels, the area of 1,3200-3300 will be back in the game…
According to our basic scenario, moves after 1,2330-40 are considered as waves of the sideways consolidation that is being formed. As a result, a downward move from 1,3295-00 highs, is a downward part of the sideways consolidation after the short term downtrend is completed. (if is not already completed after recent lows, an upward reaction towards previous tops should follow…) 
STRATEGY
Buy : We will try buy orders at current levels, adding more at 1,2580, with stop below 1,2500. Our target will be set at 1,2720-30 and 1,2780-00 area.
Sell : Sell opportunities emerge at 1,2770-90 with stops above 1,2840 and target at 1,2640. Sell orders could also be tried at 1,2700-20, with the intention to add more at higher levels…
As always, we keep our positions small, due to high volatility…
Published on Tue, Nov 4 2008, 11:13 GMT
Archive
- Currency Technical Report
Published On Thu, Nov 19 2009, 12:23 GMT - Currency Technical Report
Published On Wed, Nov 18 2009, 13:36 GMT - Currency Technical Report
Published On Mon, Nov 9 2009, 11:37 GMT - Currency Technical Report
Published On Thu, Nov 5 2009, 12:52 GMT - Currency Technical Report
Published On Mon, Nov 2 2009, 12:37 GMT
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