Forex Technical Analysis on Majors
Stoyan Mihaylov from www.deltastock.com at 10/23/09
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.
Yesterday's slide to 1.4944 was corrective and the uptrend is renewed for 1.5104 key reversal area. Intraday support comes at 1.4986, followed by the crucial 1.4944.
Current level - 91.83
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 overall positive bias has been sustained and the target remains in the 92.10-40 area. Intraday support comes at 91.70 and reversal around these levels will be confirmed with a break below 91.20.
Current level- 1.6676
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 test of 1.6490 support failed and as expected, the uptrend has been renewed towards 1.67+ resistance area. Current bias is positive, supported at 1.6660 and with a crucial level at 1.6619. The expected reversal below 1.6752 will be confirmed with a break below 1.6619.