Currency Technical Report

Daily Forex Technicals | Written by FX Greece | May 20 09 11:22 GMT |

EUR/USD Resistance: 1,3590/ 1,3615/ 1,3650-60/ 1,3700/ 1,3720-30 Support :1,3570/ 1,3530-40 /1,3515-20/ 1,3470-80/ 1,3420-30/ 1,3390/ 1,3350/ 1,3320 Comment: Negative news from US are good for the dollar. Yesterday's rise was limited at the second resistance level, we had set, at 1,3660-70. The retracement from these levels is still in tight ranges. Intraday support is found at 1,3580 and 1,3530-40, which is the most important. A move below the second, bring the area of 1,3400-20 back in to focus and negative scenarios towards lower levels. If these support levels are confirmed and we see a move towards yesterdays tops, the area of 1,3800-30 will be a possible target. Resistance at 1,3660-70 and 1,3720-30 should be breached in order to confirm this scenario… STRATEGY Small buy orders could be tried at 1,3530-40, with stops below 1,3500 and target at 1,3600. Alternatively, we could move within the Bollinger Bands in the hourly chart , with stops 40 pips above or below and targets accordingly. A possible upward break of 1,3670 will be followed with buy orders and target at 1,3720-30or even 1,3800-30. The above mentioned strategy refers to orders that we may follow for personal accounts, depending on the market analysis and the potential reach of resistance and support levels. We do not encourage but or sell orders, as its effective use is based on correct risk management and the ability of position readjustment depending on current condition 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.