Forex Technical Analysis on Majors

Stoyan Mihaylov from www.deltastock.com at 12/04/09

Current level-1.5086

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.
  
Although the sell-off from the recent test at 1.5146 failed to break below 1.5033, we feel that further depreciation lies ahead, for a test of the 1.49030-50 area, before advancing beyond 1.5146. Intraday bias is slightly positive, before reversal below 1.5112, that will set the stage for a break through 1.5033.

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Current level - 88.12

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 94.86 and 94.84.

The uptrend from 84.79 is still intact, challenging 88.75 resistance. Initial support comes at 87.93, followed by the crucial 87.50 and we think, that there is a chance for one more upward spike to 88.75 before reversal and deeper drowning towards 83.45.

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Current level- 1.6609

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 1.6624 confirmed, that a top is set at 1.6723, being a final of the 1.6380-1.6723 rise. The sell-off from 1.6723 bottomed at the projection of the uptrend channel at 1.6519 and we think, that current positive bias will be sustained for 1.6723, en route to 1.6801. Intraday resistance comes at 1.6630, followed by 1.6723 and crucial on the downside is 1.6560.