Forex Technical Analysis on Majors
Stoyan Mihaylov from www.deltastock.com at 10/22/09
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.
With the recent peak at 1.5043 most of the major currency pairs reached important support/resistance levels, so there is a possibility, that a top might be in place. Nevertheless, current slide from 1.5043 is still corrective in nature and while 1.4880 is intact, the focus will remain set on 1.5104 reversal area. On the upside, 1.5015 is today's trigger for an upmove towards 1.5104.
Current level - 91.41
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.
As expected, the pair broke through 90.90 resistance, initiating an uptrend to 91.58. Intraday support comes at 91.20, followed by the crucial 90.80. Current target is 92.10-40 resistance area.
Current level- 1.6565
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.
A minor has been set at 1.6636 and current slide is corrective in nature, seeking support at 1.6535 and 1.6490. The overall bias remains positive for 1.67+ with an intraday confirmative level at 1.6607. Crucial on the downside is 1.6330, but keep in mind, that even a break below 1.6490 support will neutralize the positive momentum.