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Forex Technical Analysis on Majors

Stoyan Mihaylov from www.deltastock.com at 10/26/09



Current level-1.5035

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.
The overall uptrend is intact with a crucial level at 1.4945. Intraday bias is also positive for 1.5063, en route to our target at 1.5104. Minor support can be found above 1.5011, followed by 1.4981.

Key Market Levels



Current level - 91.84

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.

Our target at 92.10 has been precisely hit and the pair reversed, dipping to 91.57. Despite of current negative momentum, a real confirmation that a top is in place at 92.19 will be received with a break below 91.20 support area. Current bias is negative with resistance at 91.98.

Key Market Levels



Current level- 1.6296

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 pair reversed sharply below 1.6752 resistance zone and the break below 1.6619 confirmed, that a top is in place at 1.6693. Keeping in mind, that there is no significant support between 1.6752 and 1.6130, current target is set at 1.6110-30 area.  A minor consolidation is to be expected above 1.6250 with a potential for 1.6363 resistance. Crucial on the upside is the major resistance around 1.6490.

Key Market Levels

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