Currency Technical Report

Daily Forex Technicals | Written by FX Greece | Sep 28 09 09:56 GMT |

EUR/USD Resistance:1,4620-30/ 1,4660-65/ 1,4690/ 1,4720-30/ 1,4750/ 1,4780/ 1,4800 Support: 1,4570/ 1,4545/ 1,4525/ 1,4500. 1,4475-80/ 1,4450/ 1,4420/ 1,4380 Comment : The week starts negative for euro, as it moved below the base of 1,4600, confirming the short term trend reversal and the short term tops formation. The downward break of the first important support levels in stock indices and crude oil, indicate that the decline is likely to be resumed. Next important support levels emerge at 1,4500-20, where 50% retracement levels from the base of 1.4200, will be completed. On the upside, the area of 1,4690-4720 should be breached in order to confirm the bullish strength, while first resistance emerges at του 1,4620-30 and 1,4660-65 area. As long as reactions remain below these levels, the area of 1,4500-20 is our basic target.. STRATEGY We will stay neutral at current levels, and will try sell orders at the reactions towards 1,4660-70 area, adding positions at 1,4690 and placing our stops above 1,4730. The target will be at 1.4560-80 lows… Buy orders will be tried at the base of 1,4510-30, with stops below 1,4475 and target at 1,4620… 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.