AdamFx42
Short

A purely Technical look at Eur/Usd

FX_IDC:EURUSD   EURO / US DOLLAR
Whatever happens with Greece now - it will probably way down on the Euro             area and the currency
The whole things has become tedious and seems without end:

In case of a Grexit the Euro             will probably enter a (slow) decline;
in case of a 'yes' vote tomorrow, the Euro             will show (maybe) a relief rally and when everyone realizes again
that the negotiations and BS will be dragging on forever, Eur/Usd             will start falling again

From a purely technical point of view I am hoping for a (small) relief rally to be able to sell:

From the last Gap to the previous highs gives me a Fibonacci expansion of 61.8% around 1.1228
and where this line cuts through the downward resistance trend-line seems a good spot to sell

I am expecting a 'yes' vote from the Greeks, because the majority of the people want to keep the Euro             ;
so, if Eur/Usd             reaches my 'sell' area -- let's say: just above 1.12
I will be selling Eur/Usd             with a SL of 1.1250 (this price action would break downward decline)
my target will be a break of support trend-line which lies around 1.11 at the moment

In case of gradual decline after a 'yes' vote rally dies down, and traders become sick of Greece again
I will probably TP just above trend-line support, let's say: 1.1125

In case of 'fast' price action, and a break of trend-line support, I will be looking to reload on a test of the broken trend-line, and will be adding to my short position there, I do not really expect any wild rides any more, but if it happens:
in this case I will need to re-evaluate my TP ( I may keep shorts to wait for a break of 1.05 again)

See also:
http://news.forexlive.com/!/greek-referendum-cheatsheet-from-credit-suisse-20150704
Ideas Scripts Chart
United States
United Kingdom
India
España
Italia
Brasil
Россия
Türkiye
日本
한국
Home Stock Screener Economic Calendar How It Works Chart Features House Rules Moderators For the WEB Widgets Stock Charting Library Priority Support Feature Request Blog & News FAQ Help & Wiki Twitter
Private Messages Chat Ideas Published Followers Following Priority Support Public Profile Profile Settings Billing Sign Out