Forex Technical Analysis on Majors

Stoyan Mihaylov from www.deltastock.com at 12/07/09

Current level-1.4873

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.
  
The break below 1.5045 resulted in a fast sell-off to 1.4821 and there are still no signs, that the negative bias has changed, so one more test of the 1.4801 support is to be expected today. On the bigger picture the pair is still in the 1.48-1.5150 range and only a break below 1.48+ will set the focus on 1.4620 and at the main support at 1.4450. We favor the idea, that current range will continue with the next upward swing for 1.5146.

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Current level - 89.85

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.

The break above 88.75 has transformed the bearish bias into bullish and currently the pair consolidates below the recent peak at 90.77. A new range has been formed in the 88.50-92.40 area and it is likely to expect a test of the lower boundary at 88.50.

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Current level- 1.6448

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.

The pair reversed at 1.6670 and broke through the dynamic support at 1.6519. The overall bias here is negative for 1.6380, en route to 1.6250 with an intraday resistance at 1.6519.