Forex Technical Analysis on Majors

Stoyan Mihaylov from www.deltastock.com at 10/11/09

Current level-1.4721

EUR/USD is in a broad consolidation, after bottoming at 1.2331 (Oct.28,2008). Technical indicators are neutral, and trading is situated above the 50- and 200-Day SMA, currently projected at 1.4134 and 1.3523.
  
The rise from 1.4650 peaked at 1.4817 and a massive sell-off followed, reaching a temporary low at 1.4703. The overall bias remains positive with a crucial level at 1.4650, so we will expect an uptrend to emerge from current levels, towards 1.4842, en route to 1.4967. Intraday bias is still negative with a resistance around 1.4756 and crucial level at 1.4779.

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Current level - 89.26

A short-term bottom has been set at 87.12 and a large consolidation is unfolding since. Trading is situated below the 50- and 200-day SMA, currently projected at 94.86 and 94.84.

As expected, the pair initiated a rise towards 89.13 and probably after one more test in the 89.40 area a change in the direction is to be expected, for the last leg downwards, to 87.12. The overall bias remains negative with a crucial resistance at 90.40.

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Current level- 1.6012

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.
   
Recent test of the 1.6130 resistance failed and the pair is in a minor downtrend for 1.5970. Break below that level will target 1.5855, which is the trigger point for a massive sell-off towards 1.5352. Nearest resistance comes at 1.6061.