Currency Technical Report

EUR/USD

Resistance: 1,5470-80/ 1,5530/ 1,5560/ 1,5580/ 1,5610/ 1,5650
Support: 1,5400/ 1,5370/ 1,5320/ 1,5280-85/ 1,5230

Comment : Trichtet's speech from Athens yesterday disappointed those who expected a change of rhetoric from ECB about the rate outlook in the near future. The low at 1,5285 weren't breached and the technical picture from the daily chart compounded with yesterday's daily close, points out the continuation of the retracement to even higher levels.

First resistance is found at the area of 1,5480-00, but the stronger resistance and the level were we will set our first possible target is found at the area of 1,5560-80. The reversal of the trend is marked at the area of 1,5600. An upward break give us as next target the area of 1,5650-70, while it's not ruled out the euro to extend its rally till the area of 1,5900 in the longer term.

The support levels that should be breached in order to confirm the bull's strength is the area of 15360-70. Under these levels is possible to see a formation of a double bottom or even a move to new lows towards the we have set at the lower levels.

TRADING EUR/USD : We are back again with the buyers side having as a possible target the area of 1,5560-80 and as the first resistance the area of 1,5480. We will use any retracement to the area of 1,5360-80 for more buys, with the stops under 1,5340.

Small sell positions could be attempted at the area of 1,5500, while the best area is at 1,5660-80, levels where we will close our buy positions.

GBP/USD

Resistance : 1,9550/ 1,9600-05/ 1,9635-40/ 1,9680/ 1,9730
Support: 1,9500/ 1,9470/ 1,9430/ 1,9350-60

Comment : The pound's retracement yesterday could not breach the resistance level we had set, in order for our lower targets to be valid. We remain to our yesterday scenario assuming that the move, that started after the break of the 1.9600-30 base, will be resumed.

Our targets are in the area of 1,9350-80 and limits will be above the 1.9650 area...

TRADING GBP/USD : We remain bearish as yesterday retracement gave us the opportunity to try additional sell positions according to our basic scenario. A downward break of 1.9500 could be used for additional sell positions.

USD/JPY

USD/CHF

FX Greece

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