Currency Technical Report
George Antonakos from FXGreece at 11/24/09
EUR/USD
Resistance: 1,4960-65/ 1,5000 / 1,5020/ 1,5050/ 1,5070/ 1,5100/ 1,5140-50
Support : 1,4910-20/ 1,4870-80/ 1,4850/ 1,4815-20/ 1,4790 
Comment : There is no particular change in euro outlook, as the sideways formation continues. Yesterday’s rise towards 1,5000 met sellers, and euro declined again to 1,4900-20 area this morning.
The exit from the sideways formation is possible this week. Usually these formations break towards the basic trend, and in this case, the basic trend is bullish. However, we remain cautious, as the outlook in the other markets (stock indices, commodities, gold) have reached levels where an important retracement would be possible. But we will not hesitate to follow the trend after a clear break of 1,5050-70, with next target at 1,5300, or even higher.
As you can see in the 4 hour and hourly chart, placing positions at the ranges of the sideways formation has proven to be a profitable strategy. Interim support or resistance levels emerge at 1,4870-80 and 1,4935-40 area.
A downward break of the important base of 1,4800 should trigger many stop orders and a decline resumption towards 1,4750 and then 1,4640-60, is expected.
Alternatively, an upward break of 1,5000 could lead to previous tops at 1,5060-70. An upward break and a daily close above these levels would be a sign that the rise could be resumed even higher, with next target at 1,5300 . 
*STRATEGY: We will try small buy orders at 1,4810-30, with stops below 1,4775. However, the area of 1.4800 has been tested many times, and we should be ready to follow a downward break with sell orders, after an hourly close below these levels.
Sell orders will be tries at 1,5000-20 and 1,5060-70 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...
