Forex Technical Analysis on Majors
Stoyan Mihaylov from www.deltastock.com at 01/15/10
EUR/USD
Current level-1.4396
EUR/USD is in a downtrend, after peaking at1.5146 (Nov.25,2009). Technical indicators are neutral, and trading is situated between the 50- and 200-Day SMA, currently projected at 1.4793 and 1.4169.
With the recent break below 1.4450 support, there is a chance that a top is in place at 1.4580 and it can be the final of the prolonged consolidation above 1.4216. A clear break below 1.4260 will state, that the focus is set on the 1.3740 support from the daily frame. Intraday bias is negative with a resistance around 1.4450 and target at the 1.4312 dynamic support.
Minor | Intraday | Major | Intraweek | |
Resistance | 1.4450 | 1.4670 | 1.4670 | 1.5146 |
Support | 1.4312 | 1.4260 | 1.4170 | 1.3740 |
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USD/JPY
Current level - 90.73
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 expected reversal is already a fact at 92.04 high, so the overall bias is negative for 88.90 target area. Intraday crucial level is 91.32. Take a look at the JPY crosses, as they could be more profitable, than the major itself.
Minor | Intraday | Major | Intraweek | |
Resistance | 91.30 | 92.70 | 93.40 | 95.60 |
Support | 90.60 | 89.89 | 88.90 | 83.45 |
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GBP/USD
Current level- 1.6312
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 bias is still positive for 1.6410, but a reversal seems possible around that zone, so keep an eye on 1.6240 support, as a break below will signal, that a top is already in place.
Minor | Intraday | Major | Intraweek | |
Resistance | 1.6410 | 1.6410 | 1.6410 | 1.7042 |
Support | 1.6243 | 1.6070 | 1.5706 | 1.5352 |