Currency Technical Report
George Antonakos from FXGreece at 10/30/09
EUR/USD
Resistance : 1,4850-60/ 1,4890-00/ 1,4930/ 1,4960/ 1,5000
Support : 1,4800-10/ 1,4760/ 1,4710-20/ 1,4680 
Comment : Support at 1,4680 area managed to limit euro’s decline and the reach of the lower Bollinger in the daily chart, combined with the strong positive candle, indicate that a reversal is possible…
Yesterday’s reaction led to 1,4840-60 resistance, but retracements remained weak. A rise resumption is possible if 1,4760-70 is held as support during retracements and an upward break of 1,4860 will give the confirmation.
Our first target will be at 1,4930 area, followed by our basic target at 1,5000.
In case of a wider correction, important support emerges at 1,4760-80. Below these levels, our scenario regarding the immediate rise will be canceled, and 1,4680-00 lows could be tested again or even 1,4630-50. A move below these levels would confirm the bearish strength and the area of 1,4450-00, will come into focus.
For the time being, we will focus on the development of the current upward reaction…
*STRATEGY : We will try buy orders at current levels at 1,4810-20, adding positions at 1,4780, setting stops below 1,4740. Our target will be at 1,4930 and 1,5000 area.
*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...
