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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.

Key Market Levels
MinorIntradayMajorIntraweek
Resistance1.43701.44101.51461.5290
Support1.42611.41701.41701.3740

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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.

Key Market Levels
MinorIntradayMajorIntraweek
Resistance91.4992.4092.4093.40
Support90.9090.3783.4579.60

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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.

Key Market Levels
MinorIntradayMajorIntraweek
Resistance1.61631.62501.68401.7042
Support1.60271.59+1.59+1.5706

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