Currency Technical Report

Daily Forex Technicals | Written by FX Greece | Dec 09 08 09:26 GMT |

EUR/USD Resistance: 1,2870/ 1,2930/ 1,2970/ 1,3010/ 1,3050/ 1,3080/ 1,3130/ Support: 1,2840-50/ 1,2810/ 1,2780/ 1,2740-50/ 1,2700/ 1,2660/ 1,2620/ 1,2580 Comment: The upward break of 1,2830-50 resistance led to the targets we had set in our previous analysis at 1,2950-70 area. As we can see in the daily chart, euro met the trend line that links the previous tops at 1,2950-70 area, and it could be the upper part of a triangle formation. But even if we see a move above yesterday's tops, we should wait for the break of 1,3080-3120, in order to confirm that the breakout is near.. As a result, we remain cautious after the reach of yesterday's targets and resistance levels at 1,2950-70 and wait for support at 1,2840-50 and 1,2780-00 to be confirmed. Below the second area, the immediate resumption scenario would be less possible, while below 1,2740, it will be canceled. The formation of a reversal candle in the daily chart above important resistance would indicate that the consolidation is likely to be turned into a triangle formation , and a retracement to 1,2550-00, would be possible once again. According to our upward scenario, bulls should gain momentum at 1,2780-00 and form a consolidation between 1,2800 and 1,2950. The upward break of 1,2970 could lead to a wider move towards 1,3100 area. A possible move above 1,3130 could lead to a sharp move in the end of the year, with targets set at 1,3850-00 area. For the time being, the price remains within the known ranges… STRATEGY: Buy : Buy orders could be tried at 1,2780-00 area, adding more at 1,2750, with stops below 1,2700. If the second area is not reached, targets could be set at 1,2900-30. Otherwise, targets will be set at 1,2850 area… Sell: Sell opportunities emerge at 1,2920-30 area with stops above 1,2985, according to the short term consolidation scenario…. 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.