Currency Technical Report

Daily Forex Technicals | Written by FX Greece | Jul 30 08 11:41 GMT |

EUR/USD Resistance: 1,5620-30/ 1,5650/ 1,5675-80/ 1,5710/ 1,5750 Support : 1,5570/ 1,5550/ 1,5510-20/ 1,5465-75 Comment : Euro declined sharply and formed new lows at 1,5550-55 area. The top formation scenario, that would lead to a rise towards 1,5830-50 before the downward move, was not accurate and yesterday's decline led euro to the next important support level. As we can see in the daily chart, the area of 1,5510-60 is technically an important support level, and due to the symmetry between the cycle lows in the 4 hour chart, an upward move formation would be very possible. Next important support level is found at 1,5460-75. Below those levels, our next target will be the base of 1,5300. That would be a less possible scenario, according to current signs. First intraday resistance emerges at 1,5620-30, followed by the area of 1,5665-75. A possible move above 1,5700 would indicate the trend reversal, leading to the area of 1,5770-80 at first and then to 1,5850 area. TRADING EUR/USD SWING TRADING : Yesterday's decline activated our lower orders at 1,5570, according to our basic scenario. We will keep our stops below 1,5500... INTRADAY TRADING : Short term buy positions in our yesterday scenario, were closed with stops after the break of 1,5650 and today we will try sell positions at 1,5665-75, with stops above 1,5710 and target at 1,5610. A clear break of 1,5620 may be used for small buy orders with stops below 1,5600 and target at 1,5670... A possible decline until 1,5520-30 will be used for buy positions, having as target the area of 1,5590 and stops below 1,5500. GBP/USD Resistance : 1,9830-40/ 1,9865/ 1,9900/ 1,9930/ 1,9960 Support: 1,9800/ 1,9760-70/ 1,9730/ 1,9700/ 1,9550 Comment : Our scenario regarding the pound proved accurate, as the base of 1,9810-30 was reached once again. The move was continued below 1,9800 and a resumption to 1,9700-30 area is now possible. First important resistance levels is found at 1,9830-50. If this level is not breached and the move is limited below today's lows, the move may be continued even lower. Next targets are set at 1,9665-75 and 1,9630... A move above 1,9860 would indicate that high volatility will be continued for the pair and a complete reversal of yesterday's decline would not come as a surprise. TRADING GBP/USD : Sell orders will be tested in the reactions towards 1,9830 and 1,9860 with stops above 1,9885 and targets at 1,9760-70 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.