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Forex Technical Analysis on Majors

Stoyan Mihaylov from www.deltastock.com at 11/23/09



 Current level-1.4975

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.
Last week's test of 1.4796 support failed and this time a bottom has been confirmed at 1.4801, that should start the expected upmove for new highs beyond 1.5063. Intraday bias is positive for a break through 1.4990, en route to 1.5063 with an initial support at 1.4947.

Key Market Levels



 Current level - 88.79

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 continues to be negative for 88.21 reversal area and important resistance on the upside is 89.60. We expect one more leg downwards to complete the whole slide from 92.50 and to start the third phase of the prolonged consolidation above 88.01.

Key Market Levels



 Current level- 1.6590

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 break below 1.6515 confirmed, that a top is set at 1.6877 and the uptrend from 1.6250 is over, so current rebound from 1.6460 is to be considered corrective in nature, before further depreciation towards 1.6130 support. Intraday bias is positive for 1.6619 and 1.6710 where a reversal should be expected for 1.6531.

Key Market Levels

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