Forex Technical Analysis on Majors

Stoyan Mihaylov from www.deltastock.com at 12/02/09

Current level-1.5089

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.
  
Still no signs of a reversal here and the bias continues to be bullish for 1.5146 with a risk limit below 1.4970. A reliable intraday support can be found around 1.5043.

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Current level - 87.19

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.

The consolidation above 84.79 is still on the run and there is a risk of a precise test around 88.01 resistance before breaking below 86.01 support. The overall bias remains negative for 83.45, while the pair stays below 88.75 resistance.

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Current level- 1.6581

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 break above 1.6596 has transformed the bearish outlook in bullish and currently the pair consolidates below 1.6646 dynamic resistance which is expected to give way for next leg upwards, to 1.6744.