Currency Technical Report

EUR/USD

Resistance: 1,3930/ 1,3965/ 1,3990-00/ 1,4040/ 1,4100-10/ 1,4150-70
Support : 1,3860-65/ 1,3820-30/ 1,3780/ 1,3740-50/ 1,3720/ 1,3690/ 1,3640.

Comment: Euro declined yesterday reaching 1,3830 and confirming the sideways formation.

Euro didn't break the formation despite the decline in stock markets and this leaves us cautious regarding the decline resumption, and price is likely to remain between 1,3800 and 1,4200. We will wait for the break for more signs regarding a trend formation, with downward target at 1,3600-50 and then 1,3450, while on the upside, our target will be at 1,4350-4400 or higher.

First resistance today emerges at 1,3940, followed by 1,3970 and 1,4000.. The area of 1,4050 is the most important resistance, and it is the higher range for today's move.

Support emerges at 1,3960-70 and 1,3810-30.. A move below these levels, could lead to 1,3740-50 or even 1,3600-30.

For now there is no clear trend and we will move within the sideways formation...

STRATEGY:

We will move between the Bollinger Bands in the 4 hour chart. We will try sell orders at 1,4000-30 and buy orders at 1,3830-40. Stops will be set at 50 Pips.

FX Greece

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