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Currency Technical Analysis

By:   Fx Greece
  • 17-07-2008
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EUR/USD

Resistance: 1,5870-80/ 1,5910-20/ 1,5950/ 1,5980/ 1,6020
Support : 1,5830/ 1,5800/ 1,5770/ 1,5745/ 1,5700

Comment : Yesterday’s decline below the first support levels at 1.5880-00 area, turned the short term trend into bearish and brings the double top scenario back in the game. The sideways consolidation was turned into a top formation and targets now are at 1,5750-70 and 1,5700, which is the basic target.
For any downward scenario to be valid, euro should not breach yesterday’s tops at 1.5950, while the short term trend change would be valid, if the move is limited within the channel ranges in the hourly chart. First intraday resistance is found at 1.5875-80 and 1.5910-20. A move above 1.5950 would indicate a wider sideways consolidation, which is likely to have the characteristics of an upward wedge. We will analyze this scenario after relative signs.
For now, we will follow the short term downtrend and follow the reactions...


TRADING EUR/USD
SWING TRADING : We keep our positions at 1,6020-40 open and set our stops at the opening price. A retracement to 1.5910-30 area, could be used for sell positions. Our basic targets are at 1,5770 and 1,5700 area.
INTRADAY TRADING : We follow the short term trend and reversal signs in the daily chart and try sell positions at 1,5860-80 and 1,5910-30, with stops above 1,5970. First target would be the area of 1,5750-70, while positions could be kept open for 1,5700-10 area...




GBP/USD

Resistance : 2,0010/ 2,0035/ 2,0060/ 2,0080/ 2,0110
Support : 1,9975/ 1,9950/ 1,9925-30/ 1,9880/ 1,9850

Comment : The retracement below 2,0000 brings the false break scenario back in the game. If this is accurate, retracements today should be limited below 2.0050 and prices should move until 1.9900. A move above 2,0050, would make the formation of a sideways consolidation possible, while upward expectations would be brought back after a move above 2,0100 . We will prefer the downward scenario...


TRADING GBP/USD : We will be bearish, trying sell positions at 2,0010-35 and 2,0070-80, with stops above 2,0110. Target would be at 1,9900. A clear break of 1,9950 could be used for sell positions. Small buy positions could be used at 1.9880-00 area for the short term...




USD/JPY



USD/CHF





Technical analysis-Comments
G. Antonakos
Head of Analysis Dept.




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DISCLAIMER:
1. The details and information included in the above analysis, are part of research based exclusively on currency charts and are of purely instructional and educational nature. None of the information featuring in the analysis can be considered as an invitation for opening positions in FOREX market or in the market of forward contracts or any securities listed on an organized or unorganized market.
2. We assume no responsibility for any kind of losses, profits or property loss resulting, in whole or in part, from acts that are based either directly or indirectly on the processing or the use of information, details and strategies, the reader may find in the analysis. The readers hold full responsibility for the use and the results of their actions.
3. The recipients of the analysis must acknowledge and accept that investment choices of any kind, especially concerning the FOREX market, contain risks (high, low and occasionally zero) of reduction or even loss of their investment. Therefore, they should always be cautious prior to any kind of action.
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