Currency Technical Report

Daily Forex Technicals | Written by FX Greece | Jun 02 09 10:40 GMT |

EUR/USD Resistance: 1,4150-80 / 1,4230-50 / 1,4280-00 / 1,4330-50 Support: 1,4080-00 / 1,4030-50 / 1,3950-70 / 1,3860-80 Comment: Euro formed new tops in the beginning of the week, reaching the area of 1.4250. A retracement was formed from these levels in terms of the short term uptrend. As we mentioned in our analysis yesterday, after the break of 1.4050, the move is likely to be resumed to higher levels and most important resistance and targets emerge at 1.4340-00 area. This is the upper range regarding our longer term scenario. A clear break of 1.4400 and a consolidation above these levels, would change our scenario… First important support emerges at 1.4100, which was the last base before yesterday's tops. As long as price remains above these levels, a move to new tops is possible. A move below 1.4100, would bring the area of 1.4030-50 into focus, and should be tested as support. The rise will be considered complete if the area of 1.3970 is breached. STRATEGY : Buy orders could be tried at 1.4080-00 with stops below 1.4000 and target at 1.4240-50 or 1.4340 area. A possible reach of 1.4320-40 will be used for sell orders with stops above 1.4400 area... 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 buy or sell orders, as its effective use is based on correct risk management and the ability of position readjustment depending on current conditions 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.