Currency Technical Report

Daily Forex Technicals | Written by FX Greece | Sep 23 08 09:39 GMT |

EUR/USD Resistance: 1,4800/ 1,4830/ 1,4865/ 1,4890-00/ 1,4930/ 1,4960-70/ 1,5000-10 Support : 1,4750/ 1,4720-30/ 1,4680/ 1,4620-30/ 1,4580-90/ 1,4550/ 1,4520 Comment: The upward scenario was confirmed sooner than expected, as euro reached the second basic target area at 1,4850-4950. The technical outlook seems strong, allowing a move resumption to 1,5100-40, but technical resistance at 1,4950-70 and 1,5030-50 should not be ignored. One more top towards yesterday's lows or 1,4940-60 area is possible, and bears should gain momentum at these levels. Due to the sharp move, a retracement is expected before the reversal, and we will look for signs in the daily chart. First important support for today is found at 1,4730-50, followed by the area of 1,4600-30. Below these levels, the formation of a bigger decline to 1,4470-00 area is possible. We cannot be sure for the end of the reaction from 1,3900 lows, until we see a break of 1,4400 area. Summarizing, our basic targets are achieved, and now, due to important economic releases at the end of the week, which may affect the market, high volatility is possible even until 1,4500-50 area. Our upper ranges will be set at 1,4950-1,5050… TRADING EUR/USD SWING TRADING : Our long term scenario is confirmed. Few positions could remain open until 1,4900. From 1,4930-50 to 1,5050, we could gradually build sell positions with stops above 1,5160… Out tactics and strategy regarding stops and position building will be renewed if the market breaches 1,5050 levels… INTRADAY TRADING : Buy orders will be tried at 1,4730-40, with stops below 1,4700 and target at a double top formation. A clear break of 1,4700, may be followed with small buy positions with target at 1,4630. Buy positions will be tried again at 1,4610-30 with stops below 1,4570 area… GBP/USD Resistance : 1,8530/ 1,8570-80/ 1,8620/ 1,8660-70/ 1,8700/ 1,8740/ 1,8770/ 1,8800 Support : 1,8480-00/ 1,8435/ 1,8385-90/ 1,8350/ 1,8320. Comment : Our first basic target for the pound is achieved. The trend is bullish and the move may be extended until 1,8770-00, which is the 50% retracement level. Intraday support is found at 1,8480-00 and 1,8380-00 area, which is stronger. If 1,8470-00 area holds at a retracement and the move is continued above yesterday tops, it would be a strength indication… The uptrend reversal, according to current facts, is set at 1,8250 area… TRADING GBP/USD : We will try sell positions if previous tops are reached and also at a clear break of 1,8480, with target at 1,8390-00 and stops above 1,8530. Buy positions could be tried at these levels (1,8380-00) with stops below 1,8350 USDJPY USDCHF 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.