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Currency Technical Report

Wed, Nov 12 2008, 10:24 GMT
by George Antonakos

FXGreece


Resistance: 1,2650-60/ 1,2700-10/ 1,2750/ 1,2790-00/ 1,2850/ 1,2900-10
Support: 1,2580/1,2550/ 1,2500-20/ 1,2470/ 1,2420/ 1,2390/ 1,2330…

1
Comment: The downward break of the triangle formation would lead to 1,2500-20, where our targets were set, while a low was formed at 1,2475. The outlook in the daily chart is still negative, and the decline could be resumed to previous lows.
With regard to the short term charts, we are facing an oversold situation, and euro seems to form an upward reaction. A move to 1,2650-70 , would be in term of the pullback that follows the break. Above these levels, a false break would be confirmed, the triangle formation will be canceled and a wider consolidation could be formed. Next resistance is found at 1,2700-10 and 1,2790-2810 area.
If first resistance levels cannot be breached, a move below yesterday’s lows, would confirm the triangle formation scenario and its lower targets.
Today’s close and the reaction to resistance levels, would give more signs in order to form possible scenarios…

2

STRATEGY
Buy: Small buy positions could be tried in case of a retracement to previous lows, having as target the area of 1,2640-60.

Sell : Sell orders could be tried at 1,2650-60, adding more at 1,2700-10 and stops above 1,2740.
A clear break of previous lows may be followed with buy positions and target at 1,2330-50…


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

Published on  Wed, Nov 12 2008, 10:40 GMT


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