Currency Technical Report

George Antonakos from FXGreece at 11/19/09

EUR/USD

Resistance: 1,4900/ 1,4930/ 1,4960/ 1,4990-5000/ 1,5025-30/ 1,5050-60
Support : 1,4840-50/ 1,4800-10/ 1,4760/ 1,4710-20/ 1,4680

Comment : The area of 1,5000 could not be breached again, and the sideways formation continues. Today starts negative for euro and1,4820-40 area is likely to be tested again as support..These levels have been already tested four times and couldn’t be breached and this means that this time a break is possible. In that case, our next target will be at 1,4700 or even lower at 1,4640-60, where the wider sideways formation is found (daily chart).
The uptrend will be possibly reversed, after a daily close below 1,4700 and a lower move towards 1,4640.
An upward move from 1,4820-40, would indicate that the sideways formation is still valid and a move back to 1,4950-60 and 1,5000-20, will be possible. An upward break of 1,5050-70, could lead to 1,5250-00 area.
For now, we remain within the ranges of the sideways formation…

*STRATEGY : Our strategy yesterday was profitable, and today we will try buy orders at current levels (1,4840-50) , adding positions at 1,4800-15, with stops below 1,4775. Our target will be at 1,4920-30 and 1,4960-70…

*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...