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Currency Technical Report

Mon, Nov 17 2008, 10:11 GMT
by George Antonakos

FXGreece

EUR/USD

Resistance: 1,2600/ 1,2640-45/ 1,2690-00/ 1,2760-70/ 1,2850/ 1,2930
Support : 1,2500-10/ 1,2450/ 1,2380/ 1,2330-40/ 1,2250/ 1,2200/ 1,2140-50

Comment: G20 summit could not change the negative sentiment in the market and the week started in favor of the dollar. Technically, we are moving within the ranges of a sideways consolidation, which could be a triangle as shown in the 4hour chart or a clear consolidation as shown in the daily chart. A clear break of the base at 1,2340-80 would bring euro under pressure again and the area of 1,1850 would be a possible target, while interim resistance emerges at 1,2120-50 and 1,2000. Upwards, the area of 1,2800-50 is the limit of the triangle formation in the 4 hour chart and a possible break would allow a move to 1,3050-00 area. The basic trend would be reversed after a move above 1,3300.
As a result, we will follow the sideways consolidation until we see reversal signs, and try orders in the ranges for the short term. Regarding long term positions, we would also follow the trend until we see reversal signs…

STRATEGY
Buy: Buy opportunities emerge at 1,2380-2420 with stops below 1,2300. A possible target could be the area of 1,2620-30.

Sell : In case of an upward reaction, small sell positions could be tried at 1,2620-40 with stops above 1,2680.
Important resistance emerges at 1,2750-80 . We will try sell orders close to the upper Bollinger in the hourly chart…A possible break of 1,2300 could also be followed with sell positions….


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

Published on  Mon, Nov 17 2008, 10:15 GMT