Forex Technical Analysis on Majors
Stoyan Mihaylov from www.deltastock.com at 10/15/09
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 pair filled precisely our target at 1.4967 and a brief consolidation below that level is possible, towards 1.4870 and 1.4812 before next leg upwards, to 1.5104. Intraday support comes at 1.4919, followed by 1.4870.
Current level - 89.53
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.
Current intraday bias is neutral, but is expected to transform into bullish with a break above 89.90.
Current level- 1.6119
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.
The uptrend from 1.5706 accelerated with the break above 1.6024 and is currently testing 1.6130 resistance area. Although there are no signs of a reversal yet, a consolidation towards 1.6024 and 1.5890 can be expected due to the importance of 1.6130 area. Nevertheless, while 1.6090 is intact, the bias will remain extremely positive on all of the time-frames.