Currency Technical Report
EUR/USD
Resistance: 1,3515-20/ 1,3540/ 1,3575-85/ 1,3610-15/ 1,3650/ 1,3680/ 1,3730
Support : 1,3440-451,3420-30/ 1,3350/ 1,3300/ 1,3260/ 1,3230/ 1,3150/ 1,3050
Comment: The beginning of the week finds euro in a sideways consolidation as we had mentioned in our previous analysis. The ranges of this formation in the short term charts are between 1,3500-20 and 1,3390-3410, while in the daily chart the range is extended to 1,3750 area.
Our strategy in such market conditions will be either trying positions in the ranges of the formation, or wait for the break. A clear break of 1,3520 or 1,3590 could allow a 100 pip move towards the break's direction, while next resistance is found at 1,3670-80 and 1,3750-70 area. Downwards, next target is set at previous lows and the move may be resumed to 1,3100 area…
STRATEGY
Buy : We buy at a clear break of 1,3520 with target at 1,3580 and 1,3615-20. Our stops will be set below 1,3560, while in case of a false break we will reverse our positions.
Buy orders could also be tried at a reach of 1,3390-00 support again, with stops below 1,3370 and target at 1,3450-60 and 1,3500.
Sell: We could sell at a clear break of 1,3380, with first target at 1,3300, followed 1,3260 lows. Small sell positions could be tried at 1,3510-20, with stops above 1,3540, but we could rather wait for reversal signs and the confirmation of the resistance level, before we try such positions…Sell orders could also be tried at 1,3610-25 area.
We should look for false upward breaks, as they offer sell opportunities…
GBP/USD
Resistance: 1,7350/ 1,7390/ 1,7430/ 1,7480/ 1,7520-30/ 1,7600/ 1,7650
Support: 1,7130/ 1,7090/ 1,7030/ 1,6980/ 1,6930
Comment: The sideways consolidation continues for the pound. Resistance is found at 1,7360-90 and support at 1,7200. At this time we can see an upward break of the resistance levels at 1,7400, which indicates that bulls may be back in the game, and targets are set at 1,7520-30 and 1,7600-20.
A false break and a pullback, will give as next target the area of 1,7200, and a downward break of this area would lead to previous lows…
STRATEGY
Buy : We try buy orders at current levels according to the 'break' scenario, with first target at 1,7520-30 and next at 1,7620 area…
Sell: Sell positions could be tried at 1,7600-30 with stops above 1,7670 and targets at 1,7580 and 1,7500. Sell opportunities would emerge at a possible retracement below
1,7390, in case of a false break, with target at 1,7270-00 and stops above 1,7450….
USDJPY
USDCHF
FX Greece
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