Currency Technical Report

Daily Forex Technicals | Written by FX Greece | Apr 01 09 10:03 GMT |

EUR/USD Resistance: 1,220/ 1,3250/ 1,3285-90/ 1,3310-15/ 1,3350/ 1,3420/ 1,3470/ 1,3520 Support : 1,3170/ 1,3150/ 1,3120/ 1,3100/ 1,3080/ 1,3045/ 1,3000 Comment: The upward reaction that followed Friday's decline led to our first targets at 1,3350, where bears gained momentum. Technically, the short term trend is bearish and it will be reversed only after yesterday's tops are breached without a move below 1,3115-20 lows. First intraday support emerges at 1,3150-60, followed by 1,3115-20 lows. A move below these levels would be a negative sign, and next target will be at 1,3060 or even 1,2940-60, where important support is found. Our upward scenario will be canceled above 1,3100-20 area. If euro remains above 1,3150-60 during retracements and we see a move above 1,3250-60, it will be a positive sign. In that case, yesterday's tops at 1,3340-50, should be tested again and a sideways formation would be possible. An upward break of 1,3350 would bring 1,3420-40 resistance levels into focus and maybe 1,3500 area. *STRATEGY: Small buy orders could be tried at 1,3050-60, adding more at Monday's lows with stops below 1,3080. Targets will be set at 1,3250-60 area. An upward break of 1,3270, may be followed with buy orders and target at 1,3330-40. Sell orders with close targets and tight stops could be tried at 1,3250-60. Alternatively, sell opportunities will emerge at a clear break of 1,3100, with target at 1,2940-60... 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.