Currency Technical Report

Daily Forex Technicals | Written by FX Greece | Jul 11 08 12:04 GMT |

EUR/USD

Resistance: 1,5800/ 1,5825-35/ 1,5850-55/ 1,5885/ ,5910
Support : 1,5765-70/ 1,5740/ 1,5710/ 1,5670/ 1,5620

Comment: Euro moved above the resistance level, which sets the ranges for the short term consolidation, and that led the pair to 1.5800. Retracements from 1.5800 area were weak and it is possible, according to yesterday's picture, that the pair may reach these levels again or move higher.

First important resistance above yesterday's highs is the area of 1,5820-30, where we have set our positions and ranges for our scenario, that the downward move from 1.5900 tops is a downward part within the consolidation.

A move above 1.5830-35, could lead to 1.5855-60 area or even the previous tops at 1.5900-10. In the current phase, euro should not move higher than 1.5900-10 area. According to the daily chart, the short term ranges should be limited at 1,5950-60 area….

An upward move to 1.5820-30 and a quick retracement below 1.5750, would be a sign of weakness. In such case, our next target will be at 1.5660-70, bringing the area of 1.5450-70 back in the game…

TRADING EUR/USD

SWING TRADING: Yesterday's rise and daily close, make us cautious regarding the immediate resumption of the decline, as the double top scenario or a move higher is back in the game. A clear break of 1.5830-35 could lead to a position reduction, which could be tried again in the area of 1.5900-10 or 1.5950-70, with stops above all time highs….

INTRADAY TRADING : We will use any reaction to 1.5825-32 and 1.5855 area for sell positions with stops above 1.5875. If the second orders are not triggered, out target will be at 1.5760 area. If the pair reaches 1.5850-60 area, our target will be at 1.5800….

Sell positions for a quick move could be tried in the first reach of 1.5800 area and the upper Bollinger in the hourly chart…

GBP/USD

Resistance : 1,9750-70/ 1,9800/ 1,9850/ 1,9890
Support: 1,9680-00/ 1,9650/ 1,9625/ 1,9580/ 1,9550

Comment : The pound is clearly weaker than euro, and yesterday's reaction proved to be a corrective move. First intraday resistance is found at 1.9800-10, followed by the area of 1.9850, which is more important. As long as these levels hold as resistance, the base of 1.9650 or a move towards 1.9570-00, would be possible targets.

Above 1.9850, next resistance level emerges at 1.9880-00 and the double top scenario will be back in the game…

TRADING GBP/USD :

SWING TRADING : The scenario remains the same. " The retracement at 1.9830-50 area, allowed us to try sell positions according to our basic scenario. We keep our stops above 1.9900 or we move them to the levels, where our positions were opened…

INTRADAY TRADING : We keep our positions small and try sell positions at 1.9790-9810 and 1.9840-50 area, with stops above 1.9885…

USD/JPY

USD/CHF

FX Greece