Forex Technical Analysis on Majors

Stoyan Mihaylov from www.deltastock.com at 10/28/09

Current level-1.4827

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 break below 1.4840 the downtrend has been renewed and while the pair holds below 1.4840-50 resistance the overall bias will remain negative for 1.4690 and 1.4615. Crucial on the upside is 1.4927, but even a break above 1.4850 will neutralize current bearish outlook.

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Current level - 91.25

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 expected reversal in the 92.10-40 area is already a fact and was confirmed with the recent break below 91.57. Current target is set at 90.20 and the bias is extremely negative with an intraday resistance at 91.57-62.

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Current level- 1.6367

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.
   
Although the pair reversed at 1.6440, the test of 1.63+ support failed and the consolidation pattern above 1.6250 is still active. We continue to expect a break below 1.63+, that will target directly 1.6130 major support, but from an intraday point of view the bias is neutral and there is still no clear downtrend on the chart. Crucial on the upside is 1.6490 resistance and after we see a break below 1.63+ crucial will become yesterday's high at 1.6440.