Forex Technical Analysis on Majors

Stoyan Mihaylov from www.deltastock.com at 11/24/09

Current level-1.4934

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.
  
Current slide from 1.4999 is to be considered corrective in nature before next leg upwards, to 1.5063 and 1.5130. The minor resistance at 1.4960 is today's trigger point for a renewed positive bias on the 1 h. chart.

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 Current level - 88.67

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.

With yesterday's peak at 89.19, the minor consolidation above 88.63 was completed and the pair has renewed its downtrend for 88.21 reversal area. Intraday crucial level is yesterday's high at 89.19.

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Current level- 1.6512

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 first phase of the consolidation pattern above 1.6460 was completed yesterday at 1.6648 and currently the second one is on the run, and we expect it to be limited above 1.6460, so a reversal around current levels will start the beginning of the final leg towards 1.6712. Intraday bias is negative with crucial resistance at 1.6560.