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Currency Technical Report
Tue, Nov 11 2008, 08:59 GMT
by George Antonakos
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… 
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… 
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
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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