Currency Technical Report

Daily Forex Technicals | Written by FX Greece | Jul 02 09 10:46 GMT |

EUR/USD Resistance: 1.4130-50 / 1.4180-00 / 1.4230-50/ 1.4350-80 Support :1.4080-00 / 1.4030-50 / 1.4000-15 / 1.3950-80 Comment: Euro rose yesterday, breaching resistance at 1,4130-50 and formed a top at 1,4200. The sideways formation is still valid and we need a daily close and a clear break of 1,4150-00 in order to confirm an uptrend. Until that happens, we will be skeptical regarding the rise resumption as resistance at the upper part of the sideways formation is being tested. Important intraday support should be found at 1,4045-60 and 1,4000. A downward break will cancel all upward expectations and lead to 1,3900 or even 1,3750-00 area, which is the base of the formation. On the upside, next important resistance emerges at 1,4230-50, followed by 1,4340… STRATEGY We remain bearish, trying sell orders at the reactions towards previous tops and stops above 1,4200. We keep our positions small due to important announcements that are due to release today… *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.