Forex Technical Analysis on Majors

Stoyan Mihaylov from www.deltastock.com at 01/28/10

Current level-1.4037

EUR/USD is in a downtrend, after peaking at 1.5146 (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.
  
Yesterday's slide bottomed at 1.3936, few pips above our intraday target at 1.3924 and current rebound is to be considered corrective in nature, preceding next leg downwards, to 1.3836. Crucial on the upside is 1.4090 and an intraday reversal will be confirmed below 1.4004.

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Current level - 90.35

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 downtrend from 91.90 was confirmed to be completed, so a larger corrective phase is on the run, but we expect it to be limited below 90.90 for the next leg downwards, to 87.36. Crucial on the 4h. chart is 91.90.

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Current level- 1.6261

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.

Yesterday's slide couldn't break below 1.6120 dynamic support and the pair is still caught in the 1.6077-1.6280 range. We expect a reversal around current levels to initiate a downtrend for a break through 1.6171, en route to 1.6077 and 1.5833. The intraday bias is positive with a nearest support at 1.6230 and risk limit below 1.6170.