Currency Technical Report

Daily Forex Technicals | Written by FX Greece | Jul 28 08 11:21 GMT |

EUR/USD Resistance : 1,5740/ 1,1,5765-70/ 1,5800-10/ 1,5850-60 Support : 1,5670-80/ 1,5630-40/ 1,5600/ 1,5570/ 1,5520 Comment : Euro remained below the first resistance level at 1,5750-70 on Friday, forming a sideways consolidation. There is not much to add to Friday's scenario. The cycle lows have passed and the important support level at 1,5570-5630 is reached, and a reaction will be very possible. However any rise will be considered corrective and the move should not breach the area of 1,5900-20. First resistance is found at 1,5750-65, followed by the area of 1,5800-30, where our first basic targets are set. If the price remains below 1,5750 and moves below 1.5650, it would be a sign of weakness. Lower targets at 1,5600 and 1,5570 will be back in the game, levels where bulls should gain momentum... TRADING EUR/USD SWING TRADING : The scenario remains the same 'The move towards 1,5620-30 gave us buy opportunities leading us to our basic target at 1,5790-5810. Depending on the strength of the move, we may keep our positions for higher levels. A possible pullback above 1,5850 until 1,5920 area, will be used for sell positions with target at a retracement to the base of 1,5620-5650...' INTRADAY TRADING : We will try buy positions at 1,5680-00 with stops below 1,5650 (if there is no upward reaction towards higher targets earlier). Sell positions could be tried at 1,5755-65, with stops above 1,5785 or adding more positions at 1,5800-25 and stops above 1,5840... GBP/USD Resistance : 1,9900/ 1,9930/ 1,9970/ 2,0020 Support : 1,9830-40/ 1,9790-00/ 1,9750/ 1,9700 Comment : The reaction towards important support levels at 1,9830-50 managed to lead the pair to the higher targets we had set, but bears gained momentum, leading the pound back below 1.9900 area. The trend is likely to remain bearish and reactions should be limited below 2,0030-50. A downward break of 1,9830 could lead to 1,9750 and 1,9700-10... TRADING GBP/USD : Our strategy on Friday was profitable and today we will keep our positions low, trying sell positions at 1,9920-30 and 1,9970 with stops above 2,0000 and target at 1,9830. A clear break of 1,9800 will be followed with sell positions with basic target at 1,9700-20... 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.