Currency Technical Report

Daily Forex Technicals | Written by FX Greece | Dec 02 08 13:15 GMT |

EUR/USD Resistance: 1,2650/ 1,2710-20/ 1,2750/ 1,2800-10/ 1,2860-70/ 1,2900/ 1,2960 Support : 1,2570-80/ 1,2520/ 1,2480/ 1,2430/ 1,2390-00 Comment: Our targets at 1,2580 were achieves, but euro's sentiment remains negative, as the reaction from 1,2580 was limited at 1,2700 area. The base of the wider consolidation is found at 1,2430-60 and will be the target in case of a downward break of 1,2580 area. Resistance is found at 1,2650 and 1,2690-2710, which is the most important today. A possible break would lead to 1,2810-30, in the upper part of the channel that set the downtrend (4hour chart). According to current signs and due to Thursday's and Friday's important announcements, the formation of a strong trend is not very likely. Prices should remain within the ranges of the wider consolidation. Its lower part is found at 1,2400... *STRATEGY : Buy: We took advantage of the reaction towards 1.2700, at 1,2580 area, according to our scenario. A possible reach of 1,2560-80 could be used for buy orders with small positions and stops below 1,2540. Buy orders could also be tried at a break of 1,2690-2710 with target at 1,2780-00 and stops below 1,2640. Sell: Sell opportunities emerge at a break of 1,2560, with stops above 1,2620 and target at 1,2480-00.... Alternatively, small short term positions could be tried at 1,2690-2710 area. We would also try sell orders at an upward reaction towards 1,2800-30 with stops above 1,2860... 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.