Currency Technical Report
George Antonakos from FXGreece at 10/20/09
Resistance :1,4980-00/ 1,5030-35/ 1,5060-70/ 1,5100/ 1,5130
Support : 1,4900-20/ 1,4870/ 1,4830-40/ 1,4800/ 1,4750
Comment: Euro moved to new tops yesterday after the break of previous tops at 1,4950-70. The pair reached 1.5000 area but sellers made their appearance, leading to a small retracement. The area of 1,5000 is an important resistance and psychological level and is should not be breached easily…
First important support today emerges at 1,4900-20, followed by the previous base of 1,4830-50, where the reversal ranges for the short term uptrend are set.
In case of an upward break of 1,5000 resistance levels, next target will be at 1,5050 or 1,5080-00, where the upper part of the channel is met.
*STRATEGY : We will follow the uptrend with buy orders at the retracements towards 1,4900-20 with target at 1,4980-00 or higher. Stops should be set below 1,4850.
Alternatively, we could try sell orders at a possible reach of 1,5060-80 area, with target at 1,5000 and stops above 1,5130.
*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...