Forex Technical Analysis on Majors

Stoyan Mihaylov from www.deltastock.com at 02/16/10

 Current level-1.3673

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.
  
Current rebound from 1.3528 is about to test the dynamic resistance around 1.3690 and keeping in mind, that the overall bias remains negative, we will expect a break below 1.3590 to target directly 1.3413, en route to 1.3321.

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 Current level - 89.82

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 pair is in a minor intraday downtrend and if it breaks below 89.50, this will signal a beginning of the expected slide towards 87.36. Crucial on the upside is 90.10,which guards the negative bias.

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 Current level- 1.5714

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 prolonged consolidation pattern above 1.5530 is still on the run and is currently testing 1.5760 resistance area. We think, that this rally is a sell opportunity for 1.5352, while 1.5833 major resistance is intact.