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Currency Technical Report

Fri, Sep 11 2009, 10:56 GMT
by George Antonakos

FXGreece  |  View company's profile


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EUR/USD

Resistance: 1,4600/ 1,4625-30/ 1,4650/ 1,4670-75/ 13,4700/ 1,4725-30/ 1,4780
Support : 1,4550/ 1,4530/ 1,4500/ 1,4480/ 1,4450/ 1,4420/ 1,4380-00

EUR/USD

Comment : Support at 1,4500 was confirmed during yesterday’s correction and euro formed an upward reaction towards new tops. All signs now indicate that a trend is formed and a move to higher levels is possible. Open sell orders regarding the longer term should be reevaluated, and sell orders in the short term should be kept small with close stops and targets.
After this morning tops (1,4630), the lower resistance levels from the channel (daily and 4 hour chart) have been reached , and we will focus on 1,4650 area. Resistance at these levels seems to be strong and they should not be breached easily….
A move above the channel ranges and 1.4680 area, would bring the area of 1,4730-50 into focus. A reach of these levels without a previous retracement will indicate that buyers are strong or sellers are weak and euro is likely to resume its upward move towards higher levels… Resistance at 1,4850-00 or even 1,5000 and 1,5250-00 are the next targets.
First important support today is found at 1,4555-65, followed 1,4500 area. A break of the second will bring back our downward expectation and a move below 1,4450 will confirm it. The complete trend reversal will be confirmed after a move below 1,4320.
For now, we will focus at 1,4650 (+-25) and 1,4500 area, which are the ranges that we will use today to obtain more indications…

EUR/USD

*STRATEGY : Corrections remain shallow and we are not able to follow the trend. We could try small sell orders at 1,4650 area, with stops above 1,4730 and first target at 1,4500-20…

*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, Sep 11 2009, 11:01 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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