Forex Technical Analysis on Majors

Stoyan Mihaylov from www.deltastock.com at 11/27/09

Current level-1.4846

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 1.4793 and 1.3523.
  
Yesterday's break below 1.5020 and especially today's below 1.4920 signal a reversal at 1.5146, that jeopardizes the important support at 1.4801. A break below that level will state that a major top is in place and will target 1.4623, en route to 1.4550. Intraday bias is negative for 1.4801 and a minor consolidation can be expected above the mentioned support, before breaking through the 50-day SMA, towards 1.4623. Intraday resistance is 1.4900 and crucial is 1.5010-20 area.

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Current level - 86.34

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 94.86 and 94.84.

After the minor corrective pattern below 87.20 the pair accelerated its downtrend, bottoming at 84.79. The overall bias remains negative for 83.45, en route to 79.60 while the pair stays below 88.01 resistance. Intraday bias is slightly positive for 87.20.

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Current level- 1.6360

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

After yesterday's rebound to 1.6576 the downtrend was renewed and the pair broke through 1.6460, reaching temporary low at 1.6270. Now the pair is caught in the 1.6250-1.6460 range and after a brief consolidation in that area, next leg downwards is to be expected, towards our main target at 1.6130. Intraday resistance comes at 1.6372, followed by 1.6460.