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Forex Technical Analysis on Majors

Stoyan Mihaylov from www.deltastock.com at 12/03/09



Current level-1.5112

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.
The pair was supported at 1.5033 and registered a new high at 1.5127 in attempt to test 1.5146 peak. Current bias continues to be positive, well supported at 1.5095 and only a break below 1.5033 will state, that the uptrend from 1.4827 is already over.

Key Market Levels



Current level - 87.72

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 test of the 88.01 resistance is still on the run and we continue to expect a reversal around these levels, due to the negative bias on the larger frames. Unfortunately there are still no signs of a reversal and the pair is well supported at 87.40 with a crucial level at 86.50. Beyond 88.01 resistance next important area is 88.75.

Key Market Levels



Current level- 1.6706

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.

With yesterday's bottom at 1.6550 the uptrend has been renewed and the pair reached a maximum at 1.6722, few pips below 1.6746 resistance. Crucial on the downside is 1.6658 and 1.6624, as if we see a break below 1.6624 it will signal, that a top is in place and the uptrend from 1.6380 is over.

Key Market Levels

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