Forex Technical Analysis on Majors
Stoyan Mihaylov from www.deltastock.com at 12/22/09
EUR/USD
Current level-1.4327
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 slide couldn't break below 1.4260 low and current bias on the 1h. frame is neutral with a slightly bullish intraday outlook for 1.4370. On the larger frames, the downtrend is intact and the target remains in the 1.4150-70 area.
Minor | Intraday | Major | Intraweek | |
Resistance | 1.4370 | 1.4410 | 1.5146 | 1.5290 |
Support | 1.4261 | 1.4170 | 1.4170 | 1.3740 |
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USD/JPY
Current level - 91.16
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 uptrend here is intact and the pair is in a minor consolidation pattern below 91.49, before breaking beyond, towards 92.40 major resistance area. Important intraday support can be found around 90.90 and crucial is 90.37.
Minor | Intraday | Major | Intraweek | |
Resistance | 91.49 | 92.40 | 92.40 | 93.40 |
Support | 90.90 | 90.37 | 83.45 | 79.60 |
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GBP/USD
Current level- 1.6071
The pair is in a downtrend after peaking at 1.7042. Trading is situated between the 50- and 200-day SMA, currently projected at 1.6454 and 1.5258.
Current rebound from 1.6027 low is nothing more than a corrective pattern, before next leg downwards, to 1.59+. Crucial on the upside is 1.6160.
Minor | Intraday | Major | Intraweek | |
Resistance | 1.6163 | 1.6250 | 1.6840 | 1.7042 |
Support | 1.6027 | 1.59+ | 1.59+ | 1.5706 |