Currency Technical Report

Daily Forex Technicals | Written by FX Greece | Jul 06 09 12:57 GMT |

EUR/USD Resistance: 1,3940-50 / 1,3980-00 / 1,4015-30 / 1,4080-00 Support : 1,3880-90 / 1,3830-40 / 1,3780-00 / 1,3730-50 Comment: The move remains within the sideways formation continues, while the dollar rose within its ranges last week, due to the sharp decline in stock markets and the rise in risk aversion. This week's US calendar is almost empty and dollar bears are likely to take their profits, leading to further dollar rise. Investor's sentiment is still negative, and we will wait for comments from G8 meeting in order to see if they will be able to change it. Technically, as we can see in the daily chart, euro remains within the sideways formation between 1,3800-30 and 1,4180-00. We will wait for the exit for further signs. A move towards 1,3800 and a downward break should be more possible, while a move below last month's lows at 1,3730-50, would confirm the uptrend reversal. The day starts negative and first support at 1,3870-90 should be reached. Next support emerges at 1,3820-40, where the lower part of the formation is found. A break would lead to 1,3730-50, which is not likely to be breached without an upward reaction first. The area of 1,3940-50 is now turned into a resistance, followed by previous tops at 1,4000-20.. *STRATEGY: We remain bearish, trying sell positions at current levels (1.3940), adding more at any reactions. Our target will be at 1,3880-90 or even 1,3830-40.. 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.