Currency Technical Report

Daily Forex Technicals | Written by FX Greece | Apr 24 09 12:05 GMT |

EUR/USD Resistance: 1,3190/ 1,3210/ 1,3240/ 1,3290-00/ 1,3320/ 1,3350/ 1,3370-80/ 1,3400 Support : 1,3130-40/ 1,3090-00/ 1,3070/ 1,3025-30/ Comment: Euro is rising in the beginning of the day, breaching important resistance levels at 1,3150, and moving towards 1,3200 area. First important resistance today is found at 1,3200 and 1,3230-40. A consolidation above these levels would cancel downward scenario towards 1,2500-2600 at least for the short term, and bring the area of 1,3300-20 and 1,3350-70 back in to focus. The upper part of the basic downward channel from March tops (daily chart) is found at these levels. If the rise is limited below 1,3200 and a retracement below 1,3100-20 is formed, it will be a negative sign. Next important support emerges at 1,3060-80 and a possible break would indicate that the rise is completed and lower target will be back in the game... *STRATEGY: The move towards 1,3150 activated our sell orders. Stops are set above 1,3200. Short term sell positions could be tried at 1,3220-40, with stops above at 1,3260, or after reversal signs and a move below 1,3120. A clear break of 1,3200 and consolidation above these levels could indicate the trend reversal and we may use it for long positions with target at 1,3300-20 or 1,3350-70. A break of 1,3240-50 will be used for buy orders and stops below 1,3120. 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.