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Forex Technical Analysis on Majors

Stoyan Mihaylov from www.deltastock.com at 01/29/10



Current level-1.3974

EUR/USD is in a downtrend, after peaking at 1.5146 (Nov.25,2009). Technical indicators are neutral, and trading is situated below the 50- and 200-Day SMA, currently projected at 1.4793 and 1.4169.
We think, that current rebound from 1.3910 is the third part of the corrective pattern since 1.3936 low, so expect it to be limited below 1.4002, before renewal of the downtrend towards 1.3834, en route to 1.3740. Crucial on the upside is 1.4052.

Key Market Levels



Current level - 90.26

The overall downtrend has been renewed with the recent break below 87.12. Trading is situated below the 50- and 200-day SMA, currently projected at 89.50 and 93.54.

As expected, the pair completed the second phase of the consolidation above 89.14 at yesterday's low 89.60 and the intraday bias is positive for 90.54 before next leg downwards, to 87.36. Crucial on the upside remains 91.90, but we think, that even 90.80-90 area should stay intact.

Key Market Levels



Current level- 1.6142

The pair is in a downtrend after peaking at 1.7042. Trading is situated between the 50- and 200-day SMA, currently projected at 1.6454 and 1.5258.

As expected, the resistance area around 1.6283 provoked a reversal and current bias is negative for a break below 1.6077, en route to 1.5833.

Key Market Levels

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