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Currency Technical Report

Thu, Jun 4 2009, 12:19 GMT
by George Antonakos

FXGreece  |  View company's profile


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EUR/USD

Resistance: 1,4220/ 1,4250/ 1,4270-75/ 1,4300-05/ 1,4340/ 1,4400/ 1,4430/ 1,4480-90
Support :1,4140-50/ 1,4100/ 1,4080/ 1,4040/ 1,4000-10/ 1,3950/ 1,3880/ 1,3835-50

EUR/USD

Comment: Classic reversal candle above the important technical resistance and the divergence in the oscillators, are usually a good start for a downward move and would fit perfectly our sideways formation scenario. However, the trend reversal will be confirmed after a break of important support levels and the formation of new downward waves.
As we mentioned in our previous analysis, important announcements are due to release today and tomorrow (ECB, BOE rate decision, NFP ) and EU elections and investors are expected to take their profits. If this proves to be the only reason for yesterday’s decline, retracements should be limited at 1,4090-4110 or at the wider area of 1,4040 and then move back to 1,4300 area.
The ideal scenario would see the reactions limited at 1,4260-70 and a downward break of 1,4080-00 support. Next important support emerges at 1,4020-40. If bulls are not able to gain momentum, the move could be resumed to 1,3830-50 area.
If support at 1,4100 is confirmed and a move above 1,4300 is formed, it will be a sign of strength. If yesterday’s tops are breached, and yesterday’s reversal candle is canceled, a sharp rise will be possible and 1,4700 will be back into focus…

EUR/USD

*STRATEGY:
We will try sell orders at the reaction towards 1,4220 και 1,4260-70 with stop above yesterday’s tops. First target will be at 1,4100-20. A downward break of 1,4100 will be followed with buy positions and target at 1,4020 or lower, depending on the strength of the move. Stops should be set above 1,4160.

*The above mentioned strategy refers to orders that we may follow for personal accounts, depending on the market analysis and the potential reach of resistance and support levels. We do not encourage buy or sell orders, as its effective use is based on correct risk management and the ability of position readjustment depending on current conditions

Published on  Thu, Jun 4 2009, 12:24 GMT


FXGreece | 98 Vouliagmenis Ave. Glyfada Athens
http://www.fxgreece.gr/ | trading@fxgreece.gr

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Legal disclaimer and risk disclosure

  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.
  2. We assume no responsibility for any kind of losses ,profits or property loss resulting, in whole or in part, from acts that are based either directly or indirectly on the processing or the use of information, details and strategies, the reader may find in the analysis. The readers hold full responsibility for the use and the results of their actions.
  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.
  4. We reserve the right to change the terms and the characteristics of the analysis.
  5. The contents of the analysis are solely intended for personal use. They may not be retransmitted, reproduced, distributed, published, adapted, modified or assigned to third parties in any way whatsoever. Anyone having access to them is required to comply with the law provisions on the protection of third party intellectual property rights.
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