• Online Forex trading Community

Forex Technical Analysis on Majors

Stoyan Mihaylov from www.deltastock.com at 11/02/09



Current level-1.4746

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.
Friday's minor downtrend reached the previous low at 1.4680, thus confirming, that a corrective pattern is underway, preceding a deeper drowning towards 1.4450. Intraday bias is neutral and there is a chance for one more test in the 1.4815 area, before breaking below 1.4680.

Key Market Levels



Current level - 90.10

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 90.83 and 90.20 support levels, reaching low at 89.17. Current bias is positive, testing 90.20 resistance area and later today a break above is to be expected, towards 90.86. On the larger frames current dynamics is a part of the consolidation pattern above 88.01. Intraday support comes at 89.80.

Key Market Levels



Current level- 1.6429

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.
Current bias is negative, aiming at 1.6250, en route to 1.6130 support area. Crucial on the upside is 1.6513 and a break below 1.6344 is expected to trigger a massive sell-off towards 1.6130.

Key Market Levels

Main Menu