Currency Technical Report
George Antonakos from FXGreece at 10/19/09
Resistance:1,4960-70/ 1,5000/ 1,5030-35/ 1,5060-70/ 1,5100/ 1,5130
Support : 1,4900-10/ 1,4870/ 1,4830-40/ 1,4800/ 1,4750
Comment: The area of 1,4950-00 could not be breached easily, as expected, but retracements remained weak in terms of the uptrend.
Buy opportunities emerged during retracements and today euro is testing again 1,4950-70 area as resistance.
First targets are set at 1,5100, followed by 1,5250-00 area.
A move above previous tops and an upward break of the sideways formation (clear in the 4 hour and hourly chart) should meet the first resistance level at 1,5060-80, and then at 1,5100-20 area.
The reversal ranges are set at the base of 1,4830-50.
*STRATEGY: We tried buy orders at the retracement below 1,4850-00 area. We will close part of our positions at previous tops, and keep some open in case of an upward break, moving stops to our entry level. Possible target will be 1,5050-70.
A move towards 1,5060-70 will be used for small sell orders, adding more at 1,5100 and placing stops above 1,5135. Target will be at 1,4950-60…
*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...