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Forex Technical Analysis on Majors

Stoyan Mihaylov from www.deltastock.com at 10/19/09

 


EUR/USD




Current level-1.4929

EUR/USD is in a broad consolidation, after bottoming at 1.2331 (Oct.28,2008). Technical indicators are neutral, and trading is situated above the 50- and 200-Day SMA, currently projected at 1.4134 and 1.3523.
  
Recent low at 1.4827 was a test of the 1.4812 support area and the pair is ready for next leg upwards, to 1.5104 main target. Intraday resistance comes at 1.4967 and crucial is 1.4872.

Key Market Levels
MinorIntradayMajorIntraweek
Resistance1.49671.51041.53+1.6040
Support1.49191.48701.44441.3746

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USD/JPY

Current level - 90.56

A short-term bottom has been set at 87.12 and a large consolidation is unfolding since. Trading is situated below the 50- and 200-day SMA, currently projected at 94.86 and 94.84.

A minor consolidation unfolds from recent high at 91.34 and the pair is testing 90.38 support area. The overall bias remains positive for 92.10, but a break below 90.40 can target a deeper slide towards 89.70 dynamic support. A positive trigger on the upside is 90.90.

Key Market Levels
MinorIntradayMajorIntraweek
Resistance90.4091.6092.4097.90
Support88.8088.0187.1283.25

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GBP/USD

Current level- 1.6275

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.
   
Although the pattern below 1.6399 seems rather corrective in nature, the intraday bias is still negative for 1.6130 with a risk limit above 1.6367 resistance area.

Key Market Levels
MinorIntradayMajorIntraweek
Resistance1.63701.64861.64861.7042
Support1.62501.61301.57061.5350

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