Currency Technical Report
EUR/USD
Resistance : 1,5480/ 1,5500-10/ 1,5550/ 1,5580/ 1,5600/ 1,5640-50
Support : 1,5430-40/ 1,5400/ 1,5380/ 1,5340-45/ 1,5320/ 1,5280
Comment : The picture for the euro remains the same. The move between the ranges of the sideways consolidation continues, but it seems to have reached its end, as it is taking the characteristics of a triangle formation. Euro bears are likely to make their appearance in the resistance area of 1.5450-60 and 1.5600, while bulls in the support area of 1.5400 and 1.5420-30 accordingly.
A clear break of those levels would probably find stop orders, from the traders of the consolidation.
An upward break of 1.5600 will lead to 1.5700 area, but a move resumption to higher levels (1.5800-50) is more likely.
A downward break of 1.5400 will have the area of 1.5320 as first target and the move will probably continue to previous lows or even lower.
We believe that the upward scenario is more likely, but we wait until the market gives us further signs, and we will keep our positions small between the ranges of the consolidation…
TRADING EUR/USD : We will use the ranges of the consolidation for positions, following the bulls. Buy positions from yesterday's retracement will have the area of 1.5540-50 as target. For those, who prefer short term moves, sell positions could be tried in the area of 1.5540 and 1.5570, with stops above 1.5600. A clear break of 1.5600 will be used for buy positions, with stops below 1.5540 and the first targets will be in the area of 1.5700.
GBP/USD
Resistance : 1,9480/ 1,9510/ 1,9550/ 1,9580/ 1,9600-05/ 1,9635-40
Support : 1,9400/ 1,9370/ 1,9340/ 1,9300/ 1,9260-70
Comment : High volatility regarding the pound, which kept the retracements in the area of 1.9400 as a support. The ranges for the short term are between 1.9400 and 1.9500. The break of those levels will give the next signs on who is likely to gain momentum in the market.
According to the daily chart, a move resumption to the area of 1.9610-30 or even higher to 1.9730 is more likely. In order for this move to be confirmed, we should see today an upward break of 1.9500 and any retracement should be limited to the area of 1.9420-30.
In an opposite case, support in the area of 1.9350-70 will be reached again. A downward break of 1.9340 will cancel any upward scenario and the move will be resumed to the area of 1.9230-50.
TRADING GBP/USD : We will try buy positions in the retracements towards the area of 1,9430-40 και 1,9380 and stops below 1,9350. A potential upward break (hourly close) of 1.9510 will be used for buy positions with the area of 1.9610-30 as target…
USD/JPY
USD/CHF
FX Greece
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