Forex Technical Analysis on Majors

Stoyan Mihaylov from www.deltastock.com at 11/26/09

Current level-1.5080

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.
  
Our target at 1.5130 has been filled and the pair entered a larger consolidation pattern above 1.50+. Intraday initial support comes at 1.5057, followed by 1.5016. Crucial on the downside remains 1.4920 and next target is 1.5280. RSI on the 2 h. chart shows a convergence, so new highs beyond 1.5146 seem inevitable at the moment.

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Current level - 86.90

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 broke through 88.01 and 87.12 mid-term low, so the downtrend has been renewed on all the charts, targeting 83.45. A temporary low is in place at 86.30 and intraday bias is slightly positive for 87.20 and probably 88.01. Important on the upside is 88.75 and this level should remain intact in order to preserve the bearish bias.

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Current level- 1.6540

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.

As expected, the pair reversed its direction at 1.6746 and with the break below 1.6649 support it is confirmed, that a top is in place and the negative bias is renewed towards 1.6250 and 1.6130. Current downtrend is expected to enter a minor consolidation above 1.6495 support, before breaking below, towards 1.6250 support. Important resistance on the upside is 1.6649.