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Currency Technical Report

Mon, Oct 26 2009, 11:32 GMT
by George Antonakos

FXGreece

EUR/USD

Resistance: 1,5030-35/ 1,5060-70/ 1,5100/ 1,5130/ 1,5160-70
Support : 1,5000/ 1,4960-70/ 1,4900-10/ 1,4870/ 1,4830-40/ 1,4800/ 1,4750

Comment : Euro is still in an uptrend and our first targets have been reached. The wider area of 1,5100 should be confirmed as an important technical resistance.
However, retracements remain weak and the short term channel in the 4 hour chart is still valid, after the last base of 1,4480-4500.
The area of 1,5100 should not be breached easily and we will set the ranges at 1,5150. Above these levels, the area of 1,5250-00 will come into focus..
First important support emerges at 1,4965-85, while the reversal ranges are set at 1,4820-30. Interim support could be found at 1,4880-00.
As a result, we remain cautious regarding the immediate rise resumption as our first basic targets are being reached, and will wait for further signs regarding the market’s intention at 1,5100 and 1,4850-00 area…

*STRATEGY : We will change our strategy, testing sell orders towards 1,5100 with stops above 1,5160 and targets at 1,4980-00. We keep our positions small.
An alternative would be to try buy orders at current levels and 1,4980-00 area, with stops below 1,4960, and target at 1,5080-00…

*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...
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Published on  Mon, Oct 26 2009, 11:36 GMT