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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