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Currency Technical Report
Thu, Nov 20 2008, 09:34 GMT
by George Antonakos
EUR/USD
Resistance: 1,2560/ 1,2600-10/ 1,2650/ 1,2690-2710/ 1,2755/ 1,2800-10/ 1,2865/ 1,2930
Support : 1,2480/ 1,2430/ 1,2390-00/ 1,2330-50/ 1,2280
Comment: High volatility yesterday, as euro broke the first resistance levels that set the short term ranges and moved to 1,2800-10 area. The break of the trend line, that links the tops from October and sets the triangle formation (clear in the 4hour chart) , was false and this usually indicates that a move to the opposite direction should follow.
Despite yesterday’s moves, euro remains within the wider consolidation ranges, even though we saw some negative signs.
The 4 Hour chart may be the best indicator for short term positions. Important support is found at 1,2400-50, while strong resistance emerges at 1,2800-50 area. First interim resistance is found at 1,2590-2610 area today…
Below 1,2400 a downward break of the sideways consolidation may be possible and a move below 1,2330-50 lows, would confirm it. 
STRATEGY: We move in the ranges of the Bollinger Bands in the 4 Hour chart and try buy orders with stops below 1,2400, while sell opportunities emerge in the upper Bollinger with stops above 1,2880…. Break in the 4 hour chart would be followed with buy and sell orders accordingly…
As always, we keep our positions small due to high volatility…
Published on Thu, Nov 20 2008, 09:38 GMT
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