Currency Technical Report

Daily Forex Technicals | Written by FX Greece | Mar 23 09 13:23 GMT |

EUR/USD Resistance: 1,3680/ 1,3720-30/ 1,3760-70/ 1,3820/ 1,3850-60/ 1,39103 Support: 1,3600-10/ 1,3530-40/ 1,3450/ 1,3400-10/ 1,3360/ 1,3320-30/ 1,3270/ 1,3230 Comment: Euro rallied last week against the dollar after FED's announcement and the positive sentiment remains also this week. First basic targets are set at 1,3800-80, while a move resumption could lead to a triangle formation towards 1,4500 area. These scenarios are clear in the weekly chart. If the longer term scenario is accurate, euro should return to 1,3000 or even 1,2500 area. In the short term, Friday's correction remained in terms of the uptrend and bulls gained momentum at the last tops (hourly chart). As long as prices remain above (1,3410-3510), a sideways consolidation and a move towards our higher targets at 1,3800 and 1,3850-80, is the most possible scenario. Below 1,3410, a move towards 1,3300-20 or 1,3250-70 would be more likely. Our upward scenarios will be cancelled if we see clear reversal signs in the daily chart, or after a break of 1,3230. *STRATEGY : The trend remains bullish and buy orders at the retracements remain our basic strategy, until reversal signs appear. We will use the lower Bollinger in the hourly chart or previous tops to set our entry levels… A rise resumption towards important resistance levels at 1,3800-10 or 1,3880-00, may be used for sell orders with stops above 1,3950. 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.