Currency Technical Report

Daily Forex Technicals | Written by FX Greece | Feb 06 09 13:12 GMT |

EUR/USD Resistance: 1,2815-20/ 1,2860/ 1,2905-20/ 1,2960/ 1,3030/ 1,3060-70/ 1,3110/ 1,3185/ Support : 1,2750/ 1,2700-10/ 1,2620-25/ 1,2550-60/ 1,2500/ 1,2435-40/ 1,2350 Comment: Yesterday was negative for euro, as the interest rate announcement and Trichet's comments led euro lower, below 1,2800 and then returned to 1,2900 area. The day started with euro moving below 1,2800 and first important support id found at 1,2700-20. A clear break of 1,2700 ,would have technically as target the area of 1,2550-70, with interim support at 1,2625-30. A move above 1,2910-20 area, would be a positive sign for euro and in that case we could see a move to 1,3050-70, where previous lows were formed.. A break of 1,3100 would indicate the trend reversal, and first target would be at 1,3350-00 and then 1,3800 area. For now we will follow the current downtrend, until we see reversal signs. *STRATEGY : High volatility is expected today and we will move at the ranges, which means buy orders at 1,2700-10, with stops below 1,2650 and sell orders at 1,2900-20, with stops above 1,2960. Buy orders could also be tried at the base of 1,2550-80, with stops below 1,2500. Sell opportunities emerge at 1,3050-3100 area. 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.