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Currency Technical Report

Fri, Nov 21 2008, 09:40 GMT
by George Antonakos

FXGreece


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

EurUsd

Comment: Euro’s consolidation continues and the outlook remains the same during November. The rise in the beginning of the Us session met bears at 1,2600, who led euro to the ranges of the consolidation. Bulls gained momentum in these level, as expected.
There is nothing new to add to our previous analysis. The Bollinger Bands in the 4 hour chart are considered as a good guide until we see the exit and a trend formation.
First important support is found at 1,2400-20, followed by previous lows. First resistance is found at 1,2600 , followed by 1,2690-2720 and 1,2820-60. Above the second area, we will focus on the buyer’s side, as the area of 1,3000-50 will be back in the game, followed by the reversal ranges at 1,3300.

EurUsd

STRATEGY: We will follow the same scenario, and we will try buy positions at a downward break with stops below 1,2400. We will move within the Bollinger Band ranges in the 4hour chart. We could take our profits from yesterdays positions of 1,2500 and 1,2450 at 1,2600 area, while sell orders could be tried at 1,2690-2720 area…

Published on  Fri, Nov 21 2008, 09:49 GMT


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