Forex Technical Analysis on Majors
Stoyan Mihaylov from www.deltastock.com at 12/15/09
EUR/USD
Current level-1.4572
EUR/USD is in a broad consolidation, after bottoming at 1.2331 (Oct.28,2008). Technical indicators are neutral, and trading is situated between the 50- and 200-Day SMA, currently projected at 1.4793 and 1.3523.
With the recent break below 1.4607 the downtrend has been renewed towards 1.4450 support zone and the intraday bias is negative with a resistance at 1.4607. Crucial on the upside already is 1.4660.
Minor | Intraday | Major | Intraweek | |
Resistance | 1.4607 | 1.4660 | 1.5146 | 1.5290 |
Support | 1.4521 | 1.4450 | 1.4450 | 1.3740 |
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USD/JPY
Current level - 89.03
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.
Current rebound from 88.30 is a part of the consolidation pattern above 87.35 and although current intraday bias is positive for 89.54, a reversal can be expected, for a break below 88.30 support area. Initial intraday support comes at 88.80.
Minor | Intraday | Major | Intraweek | |
Resistance | 89.54 | 89.82 | 90.77 | 93.40 |
Support | 88.30 | 87.35 | 83.45 | 79.60 |
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GBP/USD
Current level- 1.6272
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 upswing failed to test precisely the 1.6350-70 resistance area and peaked at 1.6321. The overall bias here is still neutral and the pair is caught in the 1.6130-6370 range, but we continue to think, that a renewal of the downtrend lies ahead and a break below 1.6180 will confirm, that the focus is set at 1.59+.
Minor | Intraday | Major | Intraweek | |
Resistance | 1.6316 | 1.6460 | 1.6840 | 1.7042 |
Support | 1.6230 | 1.6130 | 1.6130 | 1.5706 |