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Forex Technical Analysis on Majors

Stoyan Mihaylov from www.deltastock.com at 12/17/09



Current level-1.4411

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 1.4169.
Yesterday's consolidation was limited below 1.4607 resistance and a sharp sell-off followed, bottoming at 1.4369. The overall bias remains negative for 1.4170 main target with an initial resistance at 1.4499, followed by the crucial 1.4590.

Key Market Levels



Current level - 89.74

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 89.50 and 93.54.

The slide below 89.93 was confirmed to be only a corrective pattern and a new high followed, at 90.26. Intraday important support is 89.35 as that level is a combination between a static and a dynamic support and an eventual break below that area will target directly 87.35. Current intraday bias is negative, but the uptrend from 87.35 is still intact.

Key Market Levels



Current level- 1.6212

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 1.6320 resistance resulted in a fast upswing to 1.6410, which we believe was the final wave in the prolonged consolidation above 1.6130. A break below 1.6180 will confirm, that the downtrend is renewed towards 1.59+ main target.

Key Market Levels

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