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Currency Technical Report

Wed, Sep 16 2009, 12:08 GMT
by George Antonakos

FXGreece  |  View company's profile

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EUR/USD

Resistance: 1,4680/ 1,4700/ 1,4725-30/ 1,4780/ 1,4810/ 1,4835/ 1,4860/ 1,4900
Support : 1,4635-40/ 1,4600/ 1,4560/ 1,4530/ 1,4500/ 1,4480/ 1,4450/ 1,4420/ 1,4380-00

Comment : Euro formed new tops at 1,4680, as the slow but steady rise continues and retracements remain shallow. The upper part of the upward channel is tested but the sentiment remains bullish.
Next important resistance, in case of an upward break of the channel, emerges at 1,4720-30, but it is very likely to be breached. Next targets are set at 1,4850 and we will focus at that area looking for reversal signs.. Next important targets will be at 1,4950-00 and 1,5300 are, in case of an extensive rise.
We will follow the trend and adjust our strategies according to that. The area of 1,4630-45 is now turned into a support levels and it should be breached in order to get some signs of weakness. Next support emerges at 1,4550 and 1,4500,which are also the reversal ranges.
For now, we will focus on 1,4680-00 and we wait for the market’s reaction at these levels…

*STRATEGY: Sell positions at 1,4650 could not reach our lower targets. We will keep half positions open with stop above 1,4730. Retracements towards 1,4550-80 will be used for buy orders.

*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, Sep 16 2009, 12:11 GMT

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