Forex Technical Analysis on Majors

Stoyan Mihaylov from www.deltastock.com at 02/17/10

 Current level-1.3767

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.
  
With the recent break above the dynamic resistance at 1.3690, the downtrend from 1.4580 has been questioned and the intraday bias is positive for 1.3850 major resistance. We favor a continuation of the current uptrend towards 1.4032 area with an initial support at 1.3690 and crucial level at 1.3630.

__________

 Current level - 90.24

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.

Yesterday's break through 90.10 initiated a rise towards 90.50 and the intraday bias here continues to be slightly positive. A break below 89.71 will signal, that a top is in place and will set the beginning of a downtrend towards 87.36.

__________

  Current level- 1.5793

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.

Although the major resistance at 1.5833 is still intact, the rise from 1.5627 is quite impulsive in nature, so we favor a positive trend towards 1.6070 area. Intraday support comes at 1.5730 and crucial is 1.5627.