Forex Technical Analysis on Majors
Stoyan Mihaylov from www.deltastock.com at 10/20/09
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.
A local top has been set at 1.4994 and current minor consolidation is expected to be limited above 1.4923 before next leg unfolds upwards, to 1.5104. Crucial for the current positive trend is 1.4828.
Current level - 90.36
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.
Wit the recent break below 90.40 support a deeper drowning is on the run, that will target 89.70 dynamic support before next leg upwards, for 92.10 resistance. Intraday bias is negative with resistance around 90.40 and crucial/trigger level at 90.80.
Current level- 1.6396
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 rise peaked at 1.6446, testing the dynamic resistance on the daily frame. There is a minor downtrend from the mentioned highs, but a break below 1.6250 is needed to confirm, that a top is in place and the focus is finally set on 1.6130 major support.