Currency Technical Report

Daily Forex Technicals | Written by FX Greece | Apr 22 09 12:35 GMT |

EUR/USD Resistance: 1,2955/ 1,2985-90/ 1,3020/ 1,3050-55/ 1,3085-90/ 1,3120/ 1,315060/ 1,3200/ 1,3270 Support: 1,2910-15/1,2880/ 1,2830-40/ 1,2790/ 1,2730-40/ 1,2650 Comment: The positive ZEW outcome in Europe and the rise in stock markets, led euro to an upward reaction, but is remained shallow below 1,3000 area. Our scenario remains the same and further pressure is expected for euro. A move towards 1,3100, which was an important support level until recently and is now turned into a resistance. Interim resistance emerges at 1,3000-20 and 1,3060. The ranges for the downward scenario will be set at 1,3150-70, which is the next important resistance. Downwards, first targets are set at 1,2830-40 and 1,2730-40. If the move is limited below yesterday's tops and we see a downward break of the consolidation in the hourly chart, it will be a positive sign... *STRATEGY: We follow the short term trend with sell orders at the reactions. So we could try sell orders at 1,3000-20 with stops above 1,3040 and target at 1,2930-50. Alternative sell positions could be tried again at 1,3080-3110, or at a downward break of the consolidation in the hourly chart. We should be cautious regarding ling positions until we see reversal signs. We keep buy positions small with tight stops. Buy orders could be tried within the short term consolidation ranges, having as target the area of 1,3000, or at an upward reaction at 1,3020 with target at 1,3080-00... 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.