Currency Technical Report

Daily Forex Technicals | Written by FX Greece | Nov 27 08 13:17 GMT |

EUR/USD Resistance: 1,2935-40-/ 1,2970/ 1,3010/ 1,3070-80/ 1,3120/ 1,3170/ 1,3250/ 1,3300 Support : 1,2870/1,2820/ 1,2780/ 1,2730-40/ 1,2670-80/ 1,2620/ 1,2580/ Comment: Yesterday proved to be corrective, after the reach of 1,3050-00, as we had correctly warned. Despite yesterday’s negative candle, there are no reversal signs yet, as previous day’s lows have not been breached and the decline was limited at 38,2% retracement level at 1,2800-20. Currently, a sideways consolidation is being formed, and it could give more signs regarding the market’s intentions. If the move is limited below 1,2920-30 or 1,2970-80 and we see a clear break of 1,2800 in the hourly chart, it could lead us to lower targets at 1,2650-70, with interim support at 1,2740-50. As we mentioned in our previous analysis, a move below 1,2650 would cancel our upward expectations and a retracement to the base of 1,2400 would be possible once again... According to our upward scenario, the area of 1,2800 the rise or we could see a false break an d a quick retracement above. In that case, a pullback to 1,3000-50 and a sideways consolidation would be possible. A move to new highs could lead to next important resistance at 1,3280-3310, whose break would lead to 1,3750-00 area. STRATEGY : Buy : We keep our positions small to the US market holiday and low liquidity, and try buy positions at 1,2810-30, with tight stops. A possible break of 1,2800 and a quick retracement could also be used for buy orders having as target the tops of 1,3050-80...We could also try buy orders at 1,2650-70... Sell: Sell positions could be tried after a break of 1,2800, with quick target at 1,2740-50 and depending on the move’s strength they could remain open until 1,2650-70. Stops would be set above 1,2850... If support at 1,2800 is confirmed, we could try sell orders at previous tops... 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.