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Currency Technical Report

Wed, Nov 26 2008, 11:52 GMT
by George Antonakos

FXGreece  |  View company's profile


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EUR/USD

Resistance: 1,3000/ 1,3040-50/ 1,3080-00/ 1,3135/ 1,3180/ 1,3250/ 1,3300
Support : 1,2930-50/ 1,2870/1,2840/ 1,2780/ 1,2730-40/ 1,2670-80/ 1,2620/ 1,2580/

EurUsd

Comment: The rise continued until 1,3050-00 area, which was a possible target. The short term trend remains bullish until the area of 1,2790 is breached, but the upper Bollinger in the daily chart and our targets are reached and this makes us cautious. We should expect a corrective move or another formation in the short term that will give more signs, or we could wait for an upward break of yesterday’s tops and a clear close above 1,3100 area.
First intraday support is found at 1,2930-50, followed by 1,2790. A possible break of these levels would change the trend in the hourly chart and a retracement until 1,2650-70 will be possible. The 61.8% retracement level from 1.2420 lows is completed in these levels. Below 1,2650, we will abandon our upward expectations and search for new ranges…
The positive scenario would be that retracements are limited to 1,2800 and a new base would be formed that could support the rise above 1,3100 towards 1,3300 area. The break of 1,3300 could lead to 1,3750-3850.

EurUsd

STRATEGY
Buy: Short term buy positions could be tried at 1,2930-50 and 1,2800. The first target could be 1,3080-00 and the second at 1,2950-60 area.
Buy orders could also be tried after an upward break of 1,3130 with target at 1,3270-00 area…

Sell: Sell orders could be tried at a possible reach of 1,3080-3110 area with stops above 1,3140 and target at 1,2980-00. We could also try buy orders after a break of 1,2890 and 1,2770, with 40 pips and 80 pips stop accordingly…Sell opportunities emerge also at 1,3270-3320 area…

Published on  Wed, Nov 26 2008, 11:55 GMT


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  1. The details and information included in the provided analysis, are part of research based exclusively on currency charts and are of purely instructional and educational nature. None of the information featuring in the analysis can be considered as an invitation for opening positions in FOREX market or in the market of forward contracts or any securities listed on an organized or unorganized market.
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  3. The recipients of the analysis must acknowledge and accept that investment choices of any kind, especially concerning the FOREX market, contain risks (high, low and occasionally zero) of reduction or even loss of their investment. Therefore, they should always be cautious prior to any kind of action.
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