Forex Technical Analysis on Majors

Stoyan Mihaylov from www.deltastock.com at 11/04/09

Current level-1.4757

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 rebound from yesterday's low at 1.4624 is pretty strong to be considered corrective in nature, but while 1.4850 resistance is intact the overall negative bias will be sustained. Intraday bias is positive, well supported at 1.4735 with a crucial level below 1.4702.

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 Current level - 90.70

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.

After building a reliable support at 90.80, the pair is in a minor uptrend towards our target at 91.30. Current support is projected at 90.60 with a risk-limit below 90.05.

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 Current level- 1.6483

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.
   
Yesterday's test of 1.6250 support failed and the intraday bias is positive for 1.6530 dynamic resistance. A break beyond will target 1.6604 highs again. A reversal below 1.6530 will be confirmed with a break below 1.6414. Current support is projected at 1.6453 and crucial for the uptrend from 1.6260 is 1.6414.