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Forex Technical Analysis on Majors

Stoyan Mihaylov from www.deltastock.com at 11/16/09



 November 16, 2009
Current level-1.4982

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.
The bottoming process at 1.4821 ended with a "double bottom" reversal pattern and the pair broke above 1.4901, reaching a temporary high at 1.4993. Although one more intraday swing to 1.4892 is to be expected, the overall bias is positive for 1.5050, en route to 1.5280 major resistance area.

Key Market Levels



 Current level - 89.54

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.

Although there is a chance for one more upward spike towards 90.26, the overall bias is negative, attempting a break below 89.31, towards 88.24-42 support zone.

Key Market Levels



 Current level- 1.6714

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 uptrend from 1.6515 has peaked at 1.6753 and a larger slide is to be expected, towards 1.6612 support zone. The overall bias remains positive for 1.6840, en route to 1.6932, but keep in mind, that current uptrend is probably the last leg of the rise from 1.5706 short-term bottom.

Key Market Levels

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