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Currency Technical Report
Wed, Nov 19 2008, 09:29 GMT
by George Antonakos
EUR/USD
Resistance: 1,2640-45/ 1,2690-00/ 1,2800/ 1,2850-55/ 1,2930
Support: 1,2610-15/ 1,2550/1,2500-10/ 1,2450/ 1,2380/ 1,2330-40/ 1,2250/ 1,2200/ 1,2140-50 
Comment: There seems to be a calm before the storm in the forex market these last few days, as basic currencies move within a tight range. There are no signs indicating the break yet. The current outlook doesn’t allow us to set clear ranges for the exit of the consolidation. The ranges of the wider formation are set at 1,3080-3100 and 1,2350-80, while the ranges for the short term consolidation would probably be between 1,2680-00 and 1,2550-80 area.
Above 1.2700, interim resistance is found at 1,2760 and 1,2850-80, while to the downside, support emerges at 1,2500-10 and 1,2430-50. The reaction in the Bollinger Bands in the daily chart may give some signs regarding the longer term..
For now, we will follow the tight consolidation and wait for exit signs…
STRATEGY: Buy opportunities emerge at 1,2560-80 according to the consolidation, while sell orders could be tried at 1,2720-40. The best strategy, until we see a clear sign, would be to stay out in such uncertain market conditions…
As always, we keep our positions small, due to high volatility…
Published on Wed, Nov 19 2008, 09:36 GMT
Archive
- Currency Technical Report
Published On Thu, Nov 19 2009, 12:23 GMT - Currency Technical Report
Published On Wed, Nov 18 2009, 13:36 GMT - Currency Technical Report
Published On Mon, Nov 9 2009, 11:37 GMT - Currency Technical Report
Published On Thu, Nov 5 2009, 12:52 GMT - Currency Technical Report
Published On Mon, Nov 2 2009, 12:37 GMT
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