Forex Technical Analysis on Majors
Stoyan Mihaylov from www.deltastock.com at 10/21/09
October 21, 2009
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.
Although there was a downward attempt, bottoming at 1.4883, the pattern below 1.4993 seems rather corrective in nature and our target at 1.5104 remains unchanged. Crucial on the downside is 1.4828 support.
Current level - 90.67
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.
The pair bottomed at 90.04, completing the consolidation below 91.34 and the bias is positive for 92.10. The resistance at 90.90 is to be considered a trigger for the expected upmove and crucial is 90.06.
Current level- 1.6484
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 break above 1.6446 dynamic resistance cleared the road all the way up to 1.67+ levels. Current bias is still positive and aims to break above 1.6490 minor high, en route to 1.6612 and 1.67+. Crucial on the downside is 1.6327 low.