Currency Technical Report

Daily Forex Technicals | Written by FX Greece | Jun 17 09 11:03 GMT |

EUR/USD Resistance: 1,3850-60/ 1,3890/ 1,3930-40/ 1,3980-85/ 1,4020-30/ 1,4070/ 1,4120-30/ 1,4170 Support: 1,3800-10/ 1,3750-60/ 1,3700/ 1,3650/ 1,3600 Comment: Euro rose yesterday reaching the higher resistance level we had set on our yesterday's analysis (1,3940-60) and then declined again towards 1,3800. Even though the trend remains bearish, the price didn't move below 1,3800 in order to confirm the tops formation. This means that all scenarios are open… First important resistance emerges at 1,3940-60, followed by 1,3980-90 and 1,4050-70 which is the most important today. A move above 1,4150 will cancel the top formation scenario. If the area of 1,3940-60 is not breached and the pair moves below 1,3800, it will be a bearish sign and lower targets will be back in the game.. STRATEGY: Sell orders could be tried at 1,3940-60 with close stops, while a clear upward break will be followed with buy orders and target at 1,4040. Sell orders could be tried again at these levels with stops above 1,4100 and target at 1,3920-30… *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 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.