Currency Technical Report

Daily Forex Technicals | Written by FX Greece | May 22 09 11:13 GMT |

EUR/USD Resistance: 1,3970-80/ 1,4000/ 1,4035/ 1,4070/ 1,4130 Support : 1,3900/ 1,3830-40/ 1,3800/ 1,3770/ 1,3700/ 1,3650 Comment: Euro is forming new tops, testing our targets at 1,3940. The upward channel that sets the uptrend from April lows (daily and 4 hour chart) allows a rise resumption towards 1,3980-00, levels where bears are likely to gain momentum. A reversal candle formation at these levels will give the confirmation. A move above 1,4000 will bring our higher targets at 1,4130-50 and 1,4350-00 into focus, in terms of the wider sideways consolidation that we presented in the weekly chart yesterday. If important resistance is confirmed, a move towards 1,3820-40 support, would be possible, followed by 1,3750 area. A daily reversal candle at the upper part of the channel, while oscillators are in an overbought area would be a good indication that the rise from April lows is completed… STRATEGY Our sell orders from our yesterday's analysis are still open and we could add positions at 1,3990-00 rising our stops above 1,4050. First target will be at 1,3830… 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.