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Currency Technical Report
Fri, Oct 2 2009, 10:45 GMT
by George Antonakos
FXGreece | View company's profile
EUR/USD
Resistance:1,4580-00 /1,4615-30/ 1,4650-70 / 1,4700-30
Support : 1,4500-20 / 1,4480 / 1,4430-50 / 1,4380-00/ 1,4300-30
Comment : Euro declined yesterday against the dollar , as investors took profits after the negative economic news and ahead of the NFP release today..
Technically, yesterday’s decline reached the first important support levels at 1,4500-20 , and an upward reaction is being formed in the beginning of the European session. First intraday resistance emerges at 1,4570-80 and then 1,4600-20 area. An upward break of these levels, would have as target yesterday’s tops at 1,4650-70, but a decline resumption would be more possible, towards 1,4430-50, where the upward trend line is found in the daily chart.
The uptrend reversal ranges are set at these levels and they are not likely to be reached without an upward reaction. As a result, we expect buyers to appear at these levels and we will follow with buy orders.
A move below 1.4400 area, will cancel all upward scenarios and could lead to 1.4200 area or lower…
*STRATEGY: We should be very cautious today due to the NFP release that will probably cause high volatility in the market. Sell orders could be tried at 1,4580-00, adding positions at 1,4650-70 and target at 1,4500-20. Stops should be set above 1,4700.
Alternatively, buy orders could be tried at 1,4430-50, with target at 1,4500-20 and stop below 1,4390…
*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, Oct 2 2009, 10:51 GMT
FXGreece
| 98 Vouliagmenis Ave. Glyfada Athens
http://www.fxgreece.gr/ | trading@fxgreece.gr
Archive
- Currency Technical Report
Published On Mon, Mar 15 2010, 11:20 GMT - Currency Technical Report
Published On Mon, Mar 8 2010, 11:58 GMT - Currency Technical Report
Published On Thu, Feb 25 2010, 10:55 GMT - Currency Technical Report
Published On Thu, Feb 18 2010, 10:21 GMT - Currency Technical Report
Published On Mon, Feb 8 2010, 11:29 GMT
Legal disclaimer and risk disclosure
- 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.
- 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.
- 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.
- We reserve the right to change the terms and the characteristics of the analysis.
- 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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