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.

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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.

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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.