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Currency Technical Report
Mon, Nov 2 2009, 12:37 GMT
by George Antonakos
EUR/USD
Resistance : 14780-00/ 1,4850-60/ 1,4890-00/ 1,4930/ 1,4960/ 1,5000
Support :1,4730/ 1,4710-20/ 1,4680/ 1,4640/ 1,4610/ 1,4580/ 1,4540/ 1,4500 
Comment: Euro declined in the end of the previous week towards 1,4680-00 area, which was tested as support again. The short term downtrend could not be reversed, despite the positive signs in the daily chart on Thursday, and important resistance at 1,4850-60 could not be breached.
The time remains between 1,4670-90 and 1,4850-70 area. A downward break of the base of 1,4670, would be a negative sign and may lead to 1,4500. Interim support is found at 1,4640 and 1,4580-90.
The upward reaction from the base of 1,4670-90 led to the first resistance levels at 1,4780-90, while more important resistance emerges at 1,4850-60. An upward break of the second, will confirm the bullish strength and first target will be at 1,4930 and 1,4980-00 area.
For now, we will focus on 1,4680-00 and 1,4850-70 area, and wait for the market’s reaction at a possible reach of these levels.
*STRATEGY : We could try buy orders at the retracements towards 1,4700-20, with stops below 1,4660, while sell orders could be tried at 1,4840-60, with stops above 1,4880… All positions should be kept small…
*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 Mon, Nov 2 2009, 12:39 GMT
Archive
- Currency Technical Report
Published On Thu, Nov 19 2009, 12:23 GMT - Currency Technical Report
Published On Wed, Nov 18 2009, 13:36 GMT - Currency Technical Report
Published On Mon, Nov 9 2009, 11:37 GMT - Currency Technical Report
Published On Thu, Nov 5 2009, 12:52 GMT - Currency Technical Report
Published On Mon, Nov 2 2009, 12:37 GMT
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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.
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