Currency Technical Report
George Antonakos from FXGreece at 10/11/09
Resistance :1,4770-80/ 1,4800/ 1,4820/ 1,4840-50/ 1,4900
Support : 1,4700-10/ 1,4675-80/ 1,4650-601,4625-30/ 1,4590-00/ 1,4550
Comment: Euro moved towards our first targets at 1,4800-20, confirming our basic scenario, and then formed a correction, testing 1.4700 area as support. A sideways formation between
1,4600-50 and 1,4800-50 area, would be a possible scenario. We should also mention that gold, crude oil and stock indices have also reached important resistance levels and a retracement is possible.
Below 1,4700, next target will be at,4650-60. Next important support emerges at,4600-20, which is the lowers range in terms of the retracement.
Resistance levels emerge at 1,4820 and 1,4840-50 area, while a possible break could lead to 1,4900-30 or even 1,5130-50 area, which is our basic target from the wider sideways formation.
*STRATEGY: Our targets were achieved and today we will try buy orders at 1,4670, with stops below 1,4630 and target at 1,4730.
Small sell orders could be tried at 1,4750, with stops above yesterday’s tops and target at 1,4650-60.
*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...