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Currency Technical Report

Wed, Jul 1 2009, 10:18 GMT
by George Antonakos

FXGreece

EUR/USD

Resistance: 1,4070-80/ 1,4110/ 1,4140-50/ 1,4180/ 1,4200/ 1,4235-45/ 1,4290-00/ 1,4340/
Support : 1,4000/ 1,3940/ 1,3890-00/ 1,3850/ 1,3820-25/

Comment: The absence of a basic trend and the sideways formation we had mentioned, were confirmed yesterday, as the area of 1,4130-50 was reached but not breached and euro moved back to 1,4000 area.
A move resumption towards lower levels is possible. A downward break of 1,3970-00 support, could lead to 1,3880-00 or 1,3800-20 area, which is our basic target. Resistance should be found at 1,3970-80 and 1,4110-20 area, and should not be breached to keep our downward scenario valid.
An upward break of 1,4150 will change the outlook and it will indicate the exit of the consolidation, allowing a move towards 1,4230-50 and 1,4340 area, where previous tops were formed. For now we will follow the sideways move…

*STRATEGY :
We are bearish, trying sell orders at the reactions towards 1,3970-80 and 1,4120-30, placing our stops above 1,4165. Our target will be at the base of 1,4000. A downward break of 1,3980-00 will be followed by sell orders again, and target at 1,3880-00. In that case we will set our stops above 1,4060…


*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  Wed, Jul 1 2009, 10:20 GMT