Currency Technical Report

Daily Forex Technicals | Written by FX Greece | Jul 24 08 10:42 GMT |

EUR/USD Resistance : 1,5700-15/ 1,5740/ 1,1,5765-70/ 1,5800-10 Support : 1,5630-40/ 1,5600/ 1,5570/ 1,5520 Comment : The area of 1,5700-20 could not lead to a reaction over 50 pips, indicating weakness and targets area now at 1,5570-5630. According to the cycles in the daily chart and the support levels (lower Bollinger, trend line MA), there is high possibility for reactions. A move below 1,5570 with a daily close, would indicate the intention to reach lower levels and the retracement scenario to the base of 1,5300-5400, will be back in the game. According to the indications mentioned above, the area of 1,5600 will not be easily breached. First resistance is found at 1,5700-15 followed by 1,5760-70. Next target will be at 1,5800, levels where the trend should be reversed… We will wait for reversal signs… TRADING EUR/USD SWING TRADING : We will use a possible decline resumption towards 1,5630 until 1,5570 area for buy positions, with stops below 1,5500 and target at 1,5800. We could add positions at an upward break of 1,5715 area… INTRADAY TRADING : Retracements towards 1,5630-40 and 1,5600-10 areas, could be used for buy positions, with stops below 1,5565 and target at 1,5710-15 and 1,5760-70. Sell opportunities will emerge at 1,5760-70, adding more positions at 1,5800-10 and setting our stops above 1,5835… GBP/USD Resistance : 1,9870/ 1,9900/ 1,9930/ 1,9970/ 2,0020 Support : 1,9830-40/ 1,9790-00/ 1,9750/ 1,9700 Comment : The area of 2.0000 was tested once again as a resistance level, and then the pair moved downwards. The area of 1,9830 is being tested, and judging from the upward channel that sets the move, those levels will not be easily breached. First important resistance for today is found at 1,9900 , followed by the area of 1,9960. A downward break of 1,9800, could lead to 1,9700 area… TRADING GBP/USD : Buy positions will be tried at the important resistance level of 1,9830, with stops below 1,9780. Our target will be at 1,9900… Sell positions will be tried at 1,9900 and 1,9950 with stops above 1,9985 and target at a retracement to 1,9830 area… 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.