Forex Technical Analysis on Majors

Stoyan Mihaylov from www.deltastock.com at 11/20/09

Current level-1.4901

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 1.4793 and 1.3523.
  
The overall bias here is neutral with a slightly bearish pressure while the 1.4796 support is still on test. Intraday resistance comes at 1.4972 and is likely to be tested before the beginning of the U.S. trading session, but only a clear break above 1.5015 will set the focus back on new highs, beyond 1.5063.

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Current level - 88.89

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.

The pair is in a minor consolidation pattern in the 89.16-88.61 area, before one more dip to 88.21 reversal point.

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Current level- 1.6569

The pair is in a downtrend after peaking at 1.7042. Trading is situated above the 50- and 200-day SMA, currently projected at 1.6454 and 1.5258.

The break below 1.6627 support has set the focus on 1.6515 major support and we are rather neutral here, as only a break above 1.6675 will bring the positive outlook back on the charts. Intraday bias is negative with a resistance at 1.6619 and crucial level at 1.6674.