Currency Technical Report

EUR/USD

Resistance : 1,5820/ 1,5840/ 1,5865/ 1,5890/ 1,5920
Support : 1,5760-70/ 1,5730/ 1,5700-05/ 1,5675/

Comment : Our basic targets regarding the acceleration to the 1,5450 and 1,5800 area were quickly achieved and euro is now strong enough to continue to higher levels towards the area of 1.5840-60 or 1.5900-10, where next important resistance is found.

At those levels, the move should be limited according to the scenario of the current sideways consolidation. In case of an upward break of 1,5920, move to new highs will be likely and higher targets towards the area of 1,6350-00 or 1,6500 will be tested, as we will be facing a Head and Shoulders formation that will lead to an opposite break.

First intraday resistance is found at 1.5840-60 area, followed by the area of 1,5900-10, which seems to be the higher limit.
First support emerges at 1,5760-70 area, followed by more important in the area of 1,5700. Below 1,5700 next support is found at 1,5630-50 and 1,5600 area, at the last base before the acceleration. Due to the recent rise, the ranges of the trend reversal have been moved lower and particularly at 1.5560 area...

TRADING EUR/USD : Our basic targets were achieved and our strategy was profitable. Today, we will be on the seller's side in the resistance of 1,5840-60, adding positions at 1,5900-10 and stops above the 1,5935 area. We keep our positions small as we move opposite to the trend and our first target will be at 1,5770-75 area, followed by 1,5710-20.

Buy positions will be tried at 1,5700-15 area, adding more at 1,5650-60 with stops below 1,5600...

GBP/USD

Resistance : 1,9750/ 1,9800-10/ 1,9850/ 1,9880/ 1,9920
Support : 1,9670-80/ 1,9630/ 1,9600/ 1,9570

Comment : The pound broke the resistance levels that set the downtrend, confirming the targets we had set. The targets now, according to the daily chart, are at the area of 1,9800-10, followed by the area of 1,9850, at the last tops before the decline. Next resistance is found at 1,9900-20.

Support for today emerges at 1,9660-80, with more important at the 1,9600-20 area.

TRADING GBP/USD : It is very possible that we are dealing with a triangle formation in the daily chart, and the area of 1,9800-10 is likely to meet sellers. Small sell positions will be tried at those levels, adding more at 1,9845-50 and stops above 1,9885 area...

Buy positions will be tried at 1,9600-30, with stops below 1,9580...

USD/JPY

USD/CHF

FX Greece

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