Currency Technical Report

Daily Forex Technicals | Written by FX Greece | Mar 16 09 12:06 GMT |

EUR/USD Resistance: /1,2940-50/ 1,2975-80/ 1,3000-10/ 1,3070-80/ 1,3150/ 1,3190-00 Support : 1,2860-70/ 1,2800-10/ 1,2735-40/ 1,2590-00/ 1,2620-30. Comment: Important resistance at 1,2950-00 limited euro's rise, but it still remains in high levels, folming a sideways move. Euro's outlook seems positive and the consolidation below 1,2950-3000 could be used as a base for a break. In that case, retracements should remain above 1,2830-50 and the consolidation in the hourly chart should be resumed. An upward break of 1,2950-60 would be the first important sign and a break of 1,3000 would confirm it. Our first targets would be at 1,3080-00, followed by 1,3350-80 area. If 1,2950 cannot be breached and we see a downward break of 1,2830, it could lead us 100 pips lower, and 1,2730-50 area would be tested. This important support should not be easily breached and bulls are likely to gain momentum, leading euro back to 1,2850 area. *STRATEGY : A sideways consolidation is being formed in the short term and we will follow it trying buy orders at the retracements at 1,2860-70, with stops below 1,2810. A clear break of 1,2810 may be followed with sell orders and target at 1,2730-50. Sell positions could be tried at the first reach of 1,2950-70, with close stops and targets... 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.