Currency Technical Report

Daily Forex Technicals | Written by FX Greece | Jul 23 08 12:45 GMT |

EUR/USD Resistance : 1,5750/ 1,5780/ 1,5820/ 1,5850/ 1,5880/ 1,5920 Support : 1,5710-30/ 1,5680/ 1,5650/ 1,5620-30/ 1,5570 Comment : Euro declined sharply yesterday despite its initial rise until 1,5940-50, after it convinced almost the whole market that it may reach new highs. First targets, according to our basic scenario, at 1,5750 and 1,5700-20 were achieved, while the daily close and the outlook in the daily chart indicate that the decline may be continued to 1,5570-5630... First important support for today, as you can see in the charts, is found at 1,5700-30. An upward reaction from those levels is possible and first target will be at the area of Α 1,5760-80, followed by 1,5820-40, which seems as the higher level for a possible acceleration in terms of a corrective reaction. Next resistance emerges at 1,5870 and 1,5900-10. A downward break of 1,5700, without breaching the area of 1,5750, would prove the bears' strength and a move resumption to 1,5570-5630 area would be possible. This area should not be easily breached and will give good buy opportunities... TRADIN EUR/USD SWING TRADING : Our basic targets at 1,5700-20, were achieved, although yesterday's rise before the decline scared the market. We will not try any positions until we have clear signs, while a decline resumption until the area of 1,5630 will be used for buy positions, adding more at 1,5570-80, with stops below 1,5500. Our target would be a pullback to 1,5900. Higher positions that are still open could be followed with stops above 1,5880 and target at 1,5630... INTRADAY TRADING : Buy positions could be tried at 1,5710-30 with stops below 1,5775 and target at 1,5770-80 and 1,5820, in case of an extensive move. Sell opportunities would emerge at 1,5820-40 with stops above 1,5865 and target at 1,5770-80... A clear break of 1,5690 may be used for sell positions with target at 1,5630 and stops above 1,5750. GBP/USD Resistance : 1,9960/ 1,9985-90/ 2,0020/ 2,0070-80 Support: 1,9900/ 1,9870/ 1,9845/ 1,9820/ 1,9790 Comment : The pound declined until the base of 1,9900, but it couldn't be breached. The strength of the support makes us more cautious and we will wait for the reaction at the resistance levels of 1,9950-60 and 1,9990-20010 area. Any retracement, in terms of a decline resumption, should be limited in the second area A move above those levels would lead to 2,0070-80, where the tops were formed yesterday... A move below 1,9900, without breaching the first resistance levels, would indicate the resumption of yesterday's decline and next target would be at 1,9830-50. TRADING GBP/USD : Sell positions will be tried in the retracements towards 1,9970-90, with stops above 2,0020. Our target will be a pullback to the base of 1,9900. A clear break of 1,9900, may be followed with sell positions at 1,9830... 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.