Currency Technical Report

George Antonakos from FXGreece at 10/23/09

EUR/USD

Resistance : 1,5030-35/ 1,5060-70/ 1,5100/ 1,5130/ 1,5160-70
Support: 1,5000/ 1,4960-70/ 1,4900-10/ 1,4870/ 1,4830-40/ 1,4800/ 1,4750

Comment : Our lower targets were achieved during yesterday’s highs, but retracements remained weak, indicating that buyers still dominate. Important resistance emerges at 1,5100 area, which is the most possible target. As you can see in the daily chart two different channels are met at these levels and these levels should not be easily breached. Next targets are set at 1,5160-80, but if these levels are reached, a move to higher levels with next target at 1,5250-00 area.
Important support emerges at 1,4965-80 area, followed by 1,4830-50 area.

*STRATEGY: Our first targets were achieved. We will try sell orders today close to 1,5100, adding more at 1,5160, and setting stops above 1,5185. Positions should be small. Our target will be at 1,4980-00.

*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...