Currency Technical Report

Daily Forex Technicals | Written by FX Greece | Jun 03 09 12:06 GMT |

EUR/USD Resistance: 1,4340/ 4365-70/ 1.4400/ 1.4430-35/ 1.4470/ 1.4500-10/ 1.4570/ 1.4630/ 1.4700-20 Support : 1,4270/ 1.4240/ 1.4200/ 1.4180-85/ 1.4150/ 1.4090-00 Comment: According to the basic scenario that we have developed in the last months, the area of 1,4350-00 was a possible target (the higher) in terms of the wider sideways formation since the decline last Fall. Euro has reached these levels and oscillators in all charts are in an overbought area, with divergence signs and economic data are likely to limit the rise. A move to the wider area of 1,4400 (+- 40) and a clear reversal sign in the daily or weekly chart and a reversal formation in the short term charts, would confirm our sideways formation scenario. Anything different, would change our longer term scenario and we will start looking for new targets in higher levels or clear reversal signs. A move above 1,4400-30, could lead to 1,4700-20 (December 2008 tops) and next possible target would be at 1,4950-00 area. Regarding the short term, resistance emerges at 1,4340-00, as shown in the following charts, and it could limit the rise. Retracements towards 1,4250 are possible, but a break of yesterday’s base at 1,4090-00, would change the uptrend. A move below these levels will bring the area of 1,4000-30 into focus and lower levels would prove the complete reversal. Above 1,4400, the area of 1,4430-40 is an important resistance area. A break could lead to 1,4560-70, or even 1,4700-20 area. *STRATEGY : Small sell orders could be tried at 1,3440-60, adding more at 1,4400-20 with stops above 1,4470. Our target will be at 1,4300 or 1,4250 area. A clear break of these resistance levels could be used for buy orders at the retracements, while sell orders could be tried again with more clear reversal signs… 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.