Forex Technical Analysis on Majors

Stoyan Mihaylov from www.deltastock.com at 12/01/09

 Current level-1.5048

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.
  
Intraday bias is positive with a support at 1.5010, but we expect a reversal below 1.51+ to provoke a slide for a break below 1.4970, en route to 1.4902.

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 Current level - 86.96

The overall downtrend has been renewed with the recent break below 87.12. Trading is situated below the 50- and 200-day SMA, currently projected at 94.86 and 94.84.

Yesterday's break above 86.50 resistance resulted in a peak at 87.53 and this high is probably the final of the consolidation pattern above 84.79. A break below 86.01 will confirm, that the downtrend is renewed for 83.45.

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Current level- 1.6473

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 pair couldn't break below 1.6380 and intraday bias is positive, well supported at 1.6460. On the 4h. chart we still favor the negative outlook for 1.6130 with a crucial level above 1.6730, but even a break above 1.66+ will transform the bias in neutral.