Forex Technical Analysis on Majors
Stoyan Mihaylov from www.deltastock.com at 02/02/10
EUR/USD
Current level-1.3922
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.
The break above 1.3920 signals, that the pair has entered a larger corrective phase ans will target 1.40+ sentiment level, before drowning to 1.3740 support.
Minor | Intraday | Major | Intraweek | |
Resistance | 1.3920 | 1.3990 | 1.4260 | 1.5146 |
Support | 1.3851 | 1.3740 | 1.3740 | 1.30+ |
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USD/JPY
Current level - 90.56
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.
We saw on more test in the 90.90 resistance area and the pair is still struggling below that zone. Only a break below 89.79 will initiate a downtrend for 88.36, en route to 87.35. The intraday bias is positive, well supported at 90.45.
Minor | Intraday | Major | Intraweek | |
Resistance | 90.80 | 91.90 | 93.40 | 95.60 |
Support | 89.60 | 88.35 | 87.12 | 83.45 |
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GBP/USD
Current level- 1.5920
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 pair has entered a larger consolidation pattern in the 1.5833-1.6070 zone. Intraday expect 1.5880 to support the pair for a rise towards 1.6050.
Minor | Intraday | Major | Intraweek | |
Resistance | 1.5980 | 1.6070 | 1.6280 | 1.7042 |
Support | 1.5880 | 1.5833 | 1.5833 | 1.5352 |