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Currency Technical Report

Tue, Nov 11 2008, 08:59 GMT
by George Antonakos

FXGreece


Resistance: 1,2780/ 1,2850-60/ 1,2900/ 1,2940/ 1,2990-00/ 1,3050/ 1,3100-10
Support: 1,2700/ 1,2650-60/ 1,2620/ 1,2550/ 1,2500-20/ 1,2450/ 1,2390/ 1,2330…

1

Comment: There is nothing new to add to our previous analysis. Euro moves within the triangle formation but in terms of the basic downtrend. Usually, triangle formations indicate the move resumption, but sometimes they are a part of reversal formations. A clear break would give more signs about the market’s direction and our targets above will be at 1,3300 or higher (1,3550 ή 1,3750-00) and downwards, at previous lows or lower (1,1200 ή 1,1750-00).
Even a false break could give us signs for the market’s direction, as it is usually followed by a sharp move towards the opposite direction of the false break. We just have to see it and reverse our positions fast….
We will follow the move to the ranges of the formation at 1,2650-80 and 1,2940-70, until we see the break…
2

STRATEGY
Buy: Small buy positions could be tried at current levels, adding more at 1,2650-55 and stops below 1,2620, according to the triangle scenario and not expecting a break yet. A possible false break and quick retracement would be followed with buy orders again.
Sell : Sell orders can be tried at a clear break of 1,2640, with target at 1,2530-40 or lower (depending on the strength in the break) area…


As always we keep our position small due to high volatility…

Published on  Tue, Nov 11 2008, 09:01 GMT


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  1. 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.
  2. 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.
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