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Currency Technical Report

Thu, Nov 6 2008, 09:39 GMT
by George Antonakos

FXGreece

Resistance: 1,2890-00/ 1,2960/ 1,3000/ 1,3050/ 1,3100-10/ 1,3180/ 1,3250/ 1,3290-00
Support : 1,2830/ 1,2790/ 1,2740/ 1,2700/ 1,2650-60/ 1,2620/ 1,2550/ 1,2500-20…



Comment: Interest rate decision is expected today and the players seem to be bearish, as we had mentioned in our previous analysis.
Euro rose to the upper part of the basic downward channel that sets the trend (clear in the daily and 4 hour chart) and a false break yesterday gave opportunities for sell positions.
First support emerges at 1,2780-00 and will probably be tested during the European Session, and a downward break could lead to 1,2650-70 at first and then 1,2500-30 area.
If 1.2780-00 area holds as support or we see a false break and quick retracement downwards, the area of
1,2900-10 will be back in the game and 1,3050 should follow.
The negative outlook in the daily chart after the formation of a negative candle in the downward channel in terms of a false break, will be changed after a clear move above yesterday’s tops and if the area of
1,3050 is turned into a support. However, until the interest rate announcement and Trichet’s speech, the sentiment should remain negative…



STRATEGY
Buy : Buy orders should be tried at 1,2780-00 area, for a quick reaction with tight stops and targets or with target at 1,2900 area with stops below 1,2850…
A false downward break of support levels and a quick retracement above 1,2850 will be followed with buy orders.
Buy opportunities could also emerge at 1,2650-60, adding more at 1,2600-20 with stops below 1,2500. Our target will be at 1,2800 or higher, according to the consolidation scenario…

Sell : We will wait for a clear break of 1,2780-00 before we try sell orders, with stops above είναι η πρώτη 1,2850 and targets at 1,2650-70 or even 1,2550-80, depending on the move’s strength. We could also try sell positions at 1,2950-80 and 1,3050, with stops above yesterday’s tops…
As always, keep our positions small due to high volatility…

Published on  Thu, Nov 6 2008, 09:42 GMT