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Currency Technical Report

Fri, Jun 26 2009, 11:29 GMT
by George Antonakos

FXGreece


EUR/USD

Resistance : 1,4050-60/ 1,4100/ 1,4135-40/ 1,4180/ 1,4200/ 1,4235-45
Support: 1,3940/ 1,3890-00/ 1,3850/ 1,3820-25/ 1,3800/ 1,3750

EUR/USD

Comment: Euro moved sideways for the most of the day yesterday between 1,3900 and 1,4000. Later an upward reaction was formed and resistance at 1,3970-80 was breached and turned into a support.
The rise today was resumed to 1,4050-60, where bears gained momentum and support at 1,3980-00 is likely to be reached. As long as price remains above these levels, a move towards previous tops of 1,4050-80 or even 1,4100-30 will be possible...
In case of a downward move below 1,3970, a reach of the base of 1,3880-00 or even 1,3830-40 will be possible.

EUR/USD

*STRATEGY :
Buy orders could be tried at 1,3980-00 with target at 1,4050-70 tops. Stops should be set below 1,3930.
Alternatively, sell orders will be tried at a possible reach of 1,4130-40 , with target at 1,4070-80 and stops above 1,4180…

*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  Fri, Jun 26 2009, 11:39 GMT


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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.
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