Currency Majors Technical Perspective
Valeria Bednarik from FXstreet.com Independent Analyst Team at 11/27/09
EUR/USD Current price: 1.4970
Losing ground quickly in firs Asian hours, risk aversion and thin volume exacerbates movements, with pair testing key support at 1.4930 before rebounding to current zone. Technically, hourly indicators seem a bit exhausted to the upside, yet bigger time frames support further falls, better after some upside short lived correction. Daily ascendant trend line at 1.4840 area, remains key midterm inflection point.
Support levels: .4930 1.4880 1.4840
Resistance levels: 1.5020 1.5060 1.5100
Pound is falling big after GDP downward previsions, accelerating after breaking past week low of 1.6460, now turned into first resistance level to consider. Rally seems overextended from a technical point of view, yet if risk aversion extends after Nikkei opening, pair likely to extend the fall to the 1.6250 area.
Support levels: 1.6380 1.6330 1.6250
Resistance levels: 1.6460 1.6500 1.6550
Breaking lower, pair has resume downtrend after breaking strong 87.10 long term support, printing already an intraday low of 84.80; as most majors, technical indicators in 1 and 4 hours charts show pair over sold, yet with no signs of upside corrective movements but small and short lived. Daily charts and bigger time frames, had confirm the bearish continuation that should target the 83.20 area.
Support levels: 84.80 84.30 83.90
Resistance levels: 85.50 86.00 86.40
Pair has turned slightly bullish, favored both by risk aversion and SNB non official intervention early Europe. Holding under 1.0070 resistance level, an acceleration above that zone, should take the pair above 1.0100 to the 1.0140 area. Indicators along with 20 SMA regaining the bullish slope under current price, support the bias.
Support levels: 1.0030 1.0000 0.9960
Resistance levels: 1.0070 1.0100 1.0140
