Currency Technical Report
EUR/USD
Resistance: 1,5740/ 1,1,5765-70/ 1,5800-10/ 1,5850-60
Support : 1,5670-80/ 1,5630-40/ 1,5600/ 1,5570/ 1,5520
Comment : The downward move led us to our basic targets at 1,5620-30 area. As we had mentioned in our last analysis, the cycle lows and the support levels in that area and lower, make the formation of an upward reaction, which could be developed to a right shoulder in a Head and Shoulder formation (you can see this scenario in the daily or the 4hour chart), very possible.
First important resistance for today is found at 1,5760-70, followed by 1,5790-5810. Above those levels the scenario of a pullback to the area of 1,5890-5910 will be back in the game. These levels could give good sell opportunities...
If there is no reaction above 1,5740-50 and we see a retracement below 1,5680, the pair may reach yesterdays lows or even lower towards our targets at 1,5570...
TRADING EUR/USD
SWING TRADING : The move towards 1,5620-30 gave us buy opportunities leading us to our basic target at 1,5790-5810. Depending on the strength of the move, we may keep our positions for higher levels. A possible pullback above 1,5850 until 1,5920 area, will be used for sell positions with target at a retracement to the base of 1,5620-5650...
INTRADAY TRADING : We will try buy positions at a break of 1,5715, adding more above the area of 1,5740, with possible targets at ,5770 and 1,5790-5810. Sell positions could be tried at the second area with stops above 1,5840 and target at 1,5750-60...
GBP/USD
Resistance :1,9900/ 1,9930/ 1,9970/ 2,0020
Support: 1,9830-40/ 1,9790-00/ 1,9750/ 1,9700
Comment : Important resistance at 1,9830 held the move and the technicals prevailed the fundamentals (as usual). Despite the negative news releases, buyers dominated, leading euro towards our targets at 1,9900-20. However, the rise is considered corrective and volatility should be limited within the downward channel, which is shown in the hourly chart below...
Our scenario will change after an upward break of 2,0050-60...
TRADING GBP/USD : Buy positions at 1,9830 reached our targets and today we will be bearish in the reactions towards ,9940-60 and 1,9990-2,0010. Our stops will be set above 2,0050 and targets 1,9900 and 1,9850....
USD/JPY
USD/CHF
FX Greece
DISCLAIMER
- The details and information included in the above 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.
- We reserve the right to change the terms and the characteristics of the analysis.
- The contents of the analysis are solely intended for personal use. They may not be retransmitted, reproduced, distributed, published, adapted, modified or assigned to third parties in any way whatsoever. Anyone having access to them is required to comply with the law provisions on the protection of third party intellectual property rights.
|
