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Forex Technical Analysis on Majors

Stoyan Mihaylov from www.deltastock.com at 11/12/09



Current level-1.4966

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 1.4970 a top has been confirmed at 1.5049 and the pair entered a larger corrective phase towards 1.4915, en route to 1.4836. Intraday bias is negative for 1.4915 with a risk-limit above 1.5015.

Key Market Levels



Current level - 89.82

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 pair is in a tight range below 90.06 and the momentum has been completely lost. Only a break above 90.30 will renew the bullish outlook for 91.58 resistance. Initial support comes at 89.53.

Key Market Levels



Current level- 1.6524

The pair is in a downtrend after peaking at 1.7042. Trading is situated above the 50- and 200-day SMA, currently projected at 1.6454 and 1.5258.

The reversal at 1.6797 started a downtrend, that is currently testing the dynamic support around 1.6515. The overall bias is negative and while the pair stays below 1.6624, the focus will be set on 1.6250 support area.

Key Market Levels

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