Forex Technical Analysis on Majors

Stoyan Mihaylov from www.deltastock.com at 01/21/10

 Current level-1.4061

EUR/USD is in a downtrend, after peaking at1.5146 (Nov.25,2009). Technical indicators are neutral, and trading is situated below the 50- and 200-Day SMA, currently projected at 1.4793 and 1.4169.
  
The downtrend from 1.4410 is intact ad the pair is in a minor consolidation pattern above 1.4000-39 sentiment zone. Further depreciation is to be expected, towards 1.3740 daily frame support area. The intraday bias is negative and 1.4135 should limit the upside for the next leg downwards, to 1.3924 initial target.

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 Current level - 91.64

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 rebound from 90.31 is questioning our negative outlook for 88.90 and while 90.78 is intact we are going to be rather neutral on that pair. The intraday bias is positive for 92.04 with an initial support at 91.34.

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 Current level- 1.6178

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.

The downtrend from 1.6458 is intact and is targeting the dynamic support projected at 1.6052. Tough resistance on the upside is 1.6250.