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Currency Technical Report

Thu, Nov 13 2008, 11:46 GMT
by George Antonakos

FXGreece

EUR/USD

Resistance: 1,2500-15/ 1,2550/ 1,2590/ 1,2630/ 1,2680/ 1,2720/ 1,2800/ 1,2880
Support : 1,2460/ 1,2430/ 1,2380/ 1,2360/ 1,2330/ 1,2280/ 1,2230/ 1,2190-00/ 1,2150/ 1,2100

Comment: Euro is moving close to yearly lows, after yesterday’s low at 1,2430-50. The trend is clearly bearish, and targets from the triangle formation allow the move resumption, while previous lows at 1,2330-50 would be the last good support level for euro.
Below 1,2300 (daily close below these levels), the move could be resumed to 1,1850-1900, where the target from the triangle formation and also long term support levels are found, while 1,2150-00 and 1,2000 are interim targets.
The area of 1,2500-30 is now a resistance level and a break could lead to 1,2630 area or even 1,2680-00. A move above these levels, could lead to a wider sideways consolidation formation, and the upward reaction would be an upward part of it.
The current trend is bearish and until first resistance levels are breached, we see a reversal sign, important support levels are reached, or we have a new formation, we will follow the trend carefully…

STRATEGY
Buy: Buy orders could be tried at 1,2330-40 lows( stops below 1,2270 and target at 1,2430), or at a break of 1,2530 with target at 1,2590-00. The area of 1,2200-30 could also be used for buy positions. Short term buy orders are risky, as they are against the current trend. Regarding the longer term, a move to new lows towards 1,1850-00 could offer buy opportunities…

Sell : Sell orders at the reaction or at downward breaks of the consolidations would profitable strategies in the short term, until we see reversal signs.

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

Published on  Thu, Nov 13 2008, 11:58 GMT