Currency Technical Report

Daily Forex Technicals | Written by FX Greece | Sep 09 09 10:08 GMT |

EUR/USD Resistance: 1,4480/ 1,4500/ 1,4520/ 1,4550-55/ 1,4580/ 1,4600 Support: 1,4440/1,4400/ 1,4380/ 1,4340/ 1,4300/ 1,1270/ 1,1240 Comment: Euro rose yesterday towards 1.4530-40, forming new highs for this year. These levels were slightly higher from our targets, regarding the triangle formation scenario. Technically, euro has tested the ranges of the triangle formation as you can see in the daily chart, but the upper part of the short term rising channel is more clear in the 4 hour chart. A downward break of the consolidation and a move towards first support levels at 1,4440 area, would be a sign of weakness. Next target will be at 1,4380-00, and if it is also breached, the end of the upward move will be confirmed. If 1,4440 area is confirmed as support during retracements, and a rise to now tops is formed, next targets will be at 1,4580 and 1,4630 area. This will be a negative sign for our false break scenario and a move towards 1,4700 or 1,4850-00, would be possible. We remain cautious regarding a new rise until we have more signs. A classic reversal candle formation would be the ideal end for the rise… STRATEGY Sell orders from yesterday's move at Η 1,4500-20 remain open, with stops above 1,4560 and targets at1,4380-00. New sell orders could be tried at a break of the base at 1,4440… 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.