Currency Technical Report

EUR/USD

Resistance : 1,4450-80/ 1,4510/ 1,4550-60/ 1,4600/ 1,4640
Support : 1,4340-50/ 1,4300/ 1,4270-80/ 1,4210-20/ 1,4170-80/ 1,4130-50

Comment : The important long term technical support at 1,3900 «paid its dues », causing the expected reaction. First targets have been achieved, and we will now focus on 1,4650-00 or even 1,4850-80 area. In such an extremely oversold market, the reaction is expected to be like a spring that is overstretched and then pulls back to its original place.

The gap that remained open after yesterday’s opening at 1,4230-4280 seems as a threat for the immediate resumption of the rise, as it is expected to pull euro back, but more important is what levels can euro reach before the correction. Last night tops have reached the middle Bollinger, while the areas of 1,4560-70 and 1,4650-70, are the next important technical resistance levels.

First support is found today at 1,4340-60 area, followed by 1,4270-80 and 1,4210-30, which is more important.

TRADING EUR/USD

SWING TRADING : Our first targets were achieved. We will try buy positions at any retracement to 1,4170-4230 area with target at 1,4650-00. At these levels we could close some positions, and under certain conditions, even the area of 1,4850-00 could be tested...In general, above 1,4650-00, we will start to turn bearish.

INTRADAY TRADING : The market moved much and the open gap at 1,4230-4280 is a threat for the short term. We will try sell positions -short term strategy- at any retracement to previous tops or 1,4530-50 area, with stops above 1,4580 and target at a retracement to 1,4300... Buy orders could be tried at any retracement to 1,4270-00 and 1,4210-30, with stops below 1,4150. In the mid term, we will move according to the short term market signs.

GBP/USD

Resistance : 1,8130-50/ 1,8200/ 1,8230/ 1,8255/ 1,8300
Support : 1,7970-80/ 1,7920-30/ 1,7870-80/ 1,7820-30/ 1,7800/ 1,7750

Comment : The area of 1,7500-7600 held the move as expected and the pound moved back to 1,8100-8200 area, where the gap from the decline was still open.
First intraday support is found at 1,7930-50, followed by the area of 1,7850-70.

Above, the area of 1,8200 is the basic target, and 1,8130-50 is the first important resistance...

TRADING GBP/USD :Our targets were achieved. We will try buy positions in the retracements towards 1,7930-50 with stops below 1,7900 and then again at 1,7830-50 with stops below 1,7800. Target for both positions will be the area of 1,8200...

USD/JPY

USD/CHF

FX Greece

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