Forex Technical Analysis on Majors

Stoyan Mihaylov from www.deltastock.com at 11/25/09

Current level-1.5012

EUR/USD is in a broad consolidation, after bottoming at 1.2331 (Oct.28,2008). Technical indicators are neutral, and trading is situated above the 50- and 200-Day SMA, currently projected at 1.4793 and 1.3523.
  
The minor consolidation pattern below 1.4999 ended at 1.4920 and the bias is positive for 1.5063, en route to 1.5130. Intraday support comes at 1.4999, followed by the crucial 1.4954.

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Current level - 88.25

A short-term bottom has been set at 87.12 and a large consolidation is unfolding since. Trading is situated below the 50- and 200-day SMA, currently projected at 94.86 and 94.84.

Our target at 88.21 has been met and while the pair stays above 88.01 we will continue to expect a reversal for 91+. Intraday bias is negative with a resistance at 88.75 and crucial level at 89.19. An eventual break below 88.01 will set the focus directly on 87.12 major support.

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Current level- 1.6703

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.

As expected, the pair reversed its direction at 1.6495 and filled our target at 1.6712. We will keep our view, that current uptrend is the last leg of the consolidation pattern above 1.6460 and precedes a deeper drowning towards 1.6130. Intraday bias is positive, well supported at 1.6649 and with a crucial level at 1.6601.