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Currency Technical Report

Mon, Nov 10 2008, 10:39 GMT
by George Antonakos

FXGreece

Resistance:  1,2830/ 1,2890-00/ 1,2960/ 1,3000/ 1,3050/ 1,3100-10/ 1,3180/ 1,3250/ 1,3290-00

Support : 1,2700/ 1,2650-60/ 1,2620/ 1,2550/ 1,2500-20/ 1,2450/ 1,2390/ 1,2330…

Comment: Last week closed with disappointing economic releases from the US, as Non Farm Payrolls declined 240.000 and unemployment reached 6,5%, while the previous month’s revisions were also negative.
However, volatility was low, in terms of the triangle formation we have recognized.
Last week we had recognized some signs in the weekly chart that could lead to an upward reaction.
A break of the resistance levels that set the trend and a clear break of the sideways consolidation would confirm it.
There is a little optimism in the short term regarding euro, which could lead to 1,2960-00 level, or higher if important resistance level are breached.
A clear break of those levels could lead to 1,3100-20 and 1,3260-00, which is more possible. An upward break of the second level, would indicate the short term reversal, allowing a move up to 1,3800-50 area…
A downward break of the triangle formation (1,2650) could lead to 1,2500-20 at first and then previous lows at 1,2330-50 or even lower.
For now, we will follow the triangle formation and wait for the break…

STRATEGY 
Buy : The market opened with a gap which makes a retracement in the beginning of the European session possible. We will wait for a wider retracement towards 1,2760-70 and 1,2700-10 for buy positions. Stops will be set below 1,2640, having as target the area of 1,2960-90…
A clear break of 1,3000 may be followed with buy orders and target at 1,3100-20 or even 1,3300 area…

Sell : Sell opportunities emerge at 1,2960-00 area with stops above 1,3040 and targets at 1,2900.
A clear break of 1,2800 could also be used for sell positions with target at 1,2720-30 area and stops above 1,2850…

As always, we keep our positions small, due to high volatility…

Published on  Mon, Nov 10 2008, 10:42 GMT