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Forex Technical Analysis on Majors

Stoyan Mihaylov from www.deltastock.com at 10/29/09



Current level-1.4739

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 low at 1.4678 marked the end of the downtrend from 1.4841, but the overall bias remains negative, so a brief test of 1.4766 resistance is to be expected, before final spike-low to 1.4636. A break above 1.4766-70 res. will state, that the bottom is already in place and will challenge 1.4840 area.

Key Market Levels



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.

Our target at 90.20 has been met and a larger rebound is to be expected, for 90.91, en route to 91.33. The overall bias remains negative, but the minor downtrend from 92.32 is already completed at 90.23.

Key Market Levels



Current level- 1.6431

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.
Still in the consolidation pattern above 1.6250 and a break below 1.6285 support is needed to confirm, that a sell towards 1.6130 is on the run. Important on the upside is 1.6490. Intraday bias is positive towards 1.6465, en route to 1.6490 with a crucial level at 1.6360.

Key Market Levels

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