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Currency Technical Report
Tue, Jun 30 2009, 10:41 GMT
by George Antonakos
FXGreece
EUR/USD
Resistance: 1,4135-40/ 1,4180/ 1,4200/ 1,4235-45/ 1,4290-00/ 1,4340/ 1,4400
Support : 1,4040-60/ 1,4000/ 1,3940/ 1,3890-00/ 1,3850/ 1,3820-25/

Comment: Euro has reached the upper part of its sideways formation due to the rise in stock markets and oil prices, combined with the rise in risk appetite that led dollar lower against most major currencies.
Technically, important resistance at 1,4130-50 is being tested. A clear break of these levels could lead to 1,4230-50 area at first, or even at previous tops (1,4340).
We remain cautious against this scenario, but we will follow it in case it happens. If the area of 1,4130-50 is not breached or a weak move above these levels is formed and the price returns below 1,4100, it will be a sign that the sideways formation is still valid and support at 1,3980-00 and 1,3880-00 will be back into focus. High volatility is expected today due to important economic announcements that are due to release and the fact that today is the last day of the month and the second quarter…

*STRATEGY :
Bears gained momentum at the first reach of 1,4130 and led euro back to 1,4100. At the time of writing, this area is tested again and sell orders could be tried again with the intention to add more orders at 1,4170 and stops above 1,4200.
An alternative strategy will be to wait for the market’s reaction at these levels and try sell orders after we see reversal signs, or try buy orders in case of a clear break with stops below 1,4100 and target at 1,4230-50 or even 1,4340 area…
*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
Tue, Jun 30 2009, 10:47 GMT
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- 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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