Currency Technical Report

Daily Forex Technicals | Written by FX Greece | Oct 15 09 09:27 GMT |

EUR/USD Resistance:1,4960-70 / 1,5000-10/ 1,5040-45/ 1,5080/ 1,5110 Support :1,4925/ 1,4870/ 1,4840/ 1,4810-15/ 1,4790/ 1,4770/ 1,4750-60/ 1,4700 Comment: Euro formed new tops, as it moved towards our targets at 1,4950-60 area. Dollar's sentiment remains negative. Commodities and equities moved to new highs and dollar is widely used for carry trade strategies. The wider area of 1,5000 will be our target today, while our basic target is set at 1,5100-30 (Target from the sideways formation in the daily chart). A retracement is possible from 1,5000 area, with first target at 1,4920-25, and then at 1,4860-70 which is an important technical support. The reversal ranges are set at 1,4800-10 area. STRATEGY Buy orders from lower levels should be closed for profit taking at 1,4950-00. Sell orders will be tried at current levels (1,4960-70), adding positions at 1,5000-10, with stops above 1,5050. Our targets are set at 1,4920-30 and 1,4870-80. Positions against the trend should be kept small… Retracements towards 1,4870-80 will be used for buy orders, adding more at 1,4840 with stops below 1,4800… 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.