Forex Technical Analysis on Majors

Stoyan Mihaylov from www.deltastock.com at 11/19/09

Current level-1.4857

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 1.4793 and 1.3523.
  
Yesterday's test of the dynamic resistance at 1.4990 failed and the pair is in a negative mode again, towards 1.4796 major support. We favor a reversal above 1.4796, that will target 1.5050-63 highs again. Intraday bias is negative with an initial resistance at 1.4902 and crucial level at 1.4927

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 Current level - 89.05

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.

Still in the consolidation pattern above 88.71 and the pair is capped at 89.60. Further depreciation is to be expected, towards 88.21 before a reversal, that will set the focus back on 91.58 resistance.

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Current level- 1.6654

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 drowning from 1.6840 is deeper than expected, but while the pair holds above 1.6627 support there is a chance for reversal, that should set the beginning of the final leg upwards, to 1.6953. Only a break below 1.6515 will confirm, that important top is already in place, at 1.6877. Intraday bias is negative with a resistance at 1.6684 and crucial level at 1.6724.