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Currency Technical Report

Fri, Nov 14 2008, 11:18 GMT

FXGreece


EUR/USD

Resistance: 1,2710/ 1,2750/ 1,2780/ 1,2850-60/ 1,2930/ 1,3000
Support : 1,2650/ 1,2615/ 1,2580/ 1,2560/ 1,2500/ 1,2450/ 1,2380-00

1

Comment: Euro rose almost 400 pips within 3 hours with no particular economic indicator…High volatility is a result of low liquidity and the market needs more time to return to normal conditions.
Technically, the price moves within the ranges of the wider sideways consolidation that is being formed. Its ranges are really wide, between 1,2350-2450 and 1,3270-3330 area.
Yesterday’s rise is likely to be reversed today and support level at 1,2580-2620 would give the confirmation. If this support level is breached, the move could be resumed to 1,2450-80 or even lower at previous lows. If 1,2580-2620 area holds and the price moves above yesterday’s tops, our next target would be 1,2930 or even 1,3100 area. We remain cautious regarding the rise resumption, searching for more reversal signs after the market’s weekly close…

2


STRATEGY
Buy: Buy orders could be tried at 1,2580-00, with stops below 1,2540 and target at 1,2800. A possible move to 1,2380-00 may be used for buy positions again.. ί

Sell : Sell opportunities emerge at 1,2900-30 , with stops above 1,2960 and target at 1,2800. We can also try sell orders at a break of 1,2560 with target 100 pips lower.

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

Published on  Fri, Nov 14 2008, 11:21 GMT


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