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Forex Technical Analysis on Majors

Stoyan Mihaylov from www.deltastock.com at 12/18/09



Current level-1.4396

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.
1.4304 low is a final of the downtrend from 1.4875, so a larger corrective pattern is to be expected, similar to the one in the 1.4667-1.4780 area. Intraday bias is positive for a break above 1.4410, en route to 1.4499. Crucial is 1.4304.

Key Market Levels



Current level - 90.08

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.

Yesterday's spike low to 88.90 was probably the final leg of the consolidation pattern below 90.77 and although it bottomed far above our target at 86+, we will have to accept the idea, that the sentiment is already bullish and a break above 90.77 lies ahead. Main target is projected at 92.40 resistance area and crucial on the downside is 89.+. Intraday support comes at 89.83

Key Market Levels



Current level- 1.6206

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 the recent break below 1.6180, the consolidation pattern above 1.6130 was confirmed to be complete, so the focus is set at 1.59+ area. Current rebound from 1.6076 is corrective in nature and we expect it to be limited below 1.6296 before next leg downwards, to 1.59+. Intraday bias is slightly positive, so allow few more swings within the rising channel from 1.6076.

Key Market Levels

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