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Forex Technical Analysis on Majors

Stoyan Mihaylov from www.deltastock.com at 11/17/09



 Current level-1.4929

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 peak at 1.4994 marked a minor reversal and a sell-off followed, bottoming at 1.4881. Current intraday bias is negative with a crucial level at 1.4974 and we expect this slide to be the last wave of the consolidation pattern below 1.5050, before advancing towards 1.5130. As there is no important support in EUR/USD on the lower frames, watch out for 0.8830 zone in EUR/GBP, as it is expected to provide a reliable support for the next leg upwards.

Key Market Levels



 Current level - 88.83

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 bias is negative for our target zone around 88.21-42, where a reversal can be expected to challenge 89.60 and 91.58 again. Important resistance on the upside is 89.30 area.

Key Market Levels



Current level- 1.6849

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.

Yesterday's corrective wave failed to reach precisely 1.6612 support and bottomed at 1.6667. Current bias is still positive for 1.6932, well supported at 1.6796.

Key Market Levels

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