Currency Technical Report

Daily Forex Technicals | Written by FX Greece | Mar 31 09 10:12 GMT |

EUR/USD Resistance: 1,3250/ 1,3285-90/ 1,3310-15/ 1,3350/ 1,3420/ 1,3470/ 1,3520 Support : 1,3210/ 1,3170/ 1,3150/ 1,3120/ 1,3100/ 1,3080/ 1,3045/ 1,3000 Comment: The first day of the week was negative for euro, as it moved towards our targets at 1,3100-20. An upward reaction was expected at these important support levels. The short term trend remains bearish and the reaction is still in terms of a retracement. If bulls gain momentum at the first support levels at 1,3200-10 and 1,3170-80, it will be a sign of strength. If support is confirmed and we see an upward reaction above 1,3280, our next target will be at 1,3330-50 or 1,3400-20, which was the base of the consolidation before the decline. Otherwise, a move below 1,3170, will bring the area of 1,3100-20 back into focus. A downward break would cancel our upward expectations and our next target will be at 1,2950. *STRATEGY : Small buy orders could be tried at 1,3210 and 1,3180, with stops below yesterdays lows (high risk). Our target will be at 1,3270-80 area. Buy opportunities would also emerge in case of an upward break of 1,3280, with stops below 1,3240 and target at 1,3340-50 or even 1,3400-20. Sell orders could be tried at 1,3420-40 with stops above 1,3480 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.