Currency Technical Report

George Antonakos from FXGreece at 11/09/09

EUR/USD

Resistance: 1,4980-85/ 1,5000/ 1,5050-60/ 1,5080/ 1,5110
Support: 1,4920-30/ 1,4880 1,4840-50/ 1,4800-10/ 1,4760/ 1,4710-20/ 1,4680

Comment : Euro moved after Friday’s announcement according to our scenario..The upward break of the sideways formation, which is clear in the hourly chart, confirms the short term uptrend and technically leads to 1,5000 and then at previous tops…
The reach of the upper Bollinger in the daily chart and a sideways formation, will be our basic scenario. Reversal signs at 1,5070-5100 (reversal candle in the daily chart, break of support levels ..etc) will confirm this scenario..A retracement would be possible from 1,5050-5100 area, towards 1,4850-00 or even lower, in terms of a sideways formation.
A rise resumption above 1,5100, without a previous retracement could lead to important resistance at 1,5250-00.
For now, we will follow our basic scenario and wait for the market’s reaction at 1,5050-5100 support levels…

*STRATEGY: Buy positions that were opened on Friday will be gradually closed towards 1,5000. A move to 1,5030-50 or 1,5070-80 area, will be used for sell orders, placing stops above 1,5100 and having as target the area of 1,4920-30…

*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...