Forex Technical Analysis on Majors

Stoyan Mihaylov from www.deltastock.com at 01/15/10

 Current level-1.4396

EUR/USD is in a downtrend, after peaking at1.5146 (Nov.25,2009). Technical indicators are neutral, and trading is situated between the 50- and 200-Day SMA, currently projected at 1.4793 and 1.4169.
  
With the recent break below 1.4450 support, there is a chance that a top is in place at 1.4580 and it can be the final of the prolonged consolidation above 1.4216. A clear break below 1.4260 will state, that the focus is set on the 1.3740 support from the daily frame. Intraday bias is negative with a resistance around 1.4450 and target at the 1.4312 dynamic support.

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 Current level - 90.73

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 89.50 and 93.54.

The expected reversal is already a fact at 92.04 high, so the overall bias is negative for 88.90 target area. Intraday crucial level is 91.32. Take a look at the JPY crosses, as they could be more profitable, than the major itself.

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 Current level- 1.6312

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.

Current bias is still positive for 1.6410, but a reversal seems possible around that zone, so keep an eye on 1.6240 support, as a break below will signal, that a top is already in place.