Forex Technical Analysis on Majors

Stoyan Mihaylov from www.deltastock.com at 12/08/09

Current level-1.4817

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.
  
Yesterday's break below 1.4801 signals a continuation of the negative bias towards 1.4623, en route to 1.4450 major support area. Although the bottom at 1.4757 has been confirmed to be the final of the slide from 1.5146, current rebound is corrective in nature and precedes next drowning towards 1.4623. Intraday bias is positive for a break above 1.4856 and will target 1.4910 resistance area. Crucial on the upside is 1.4970.

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Current level - 89.00

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 pair is still in the downtrend from 90.77 and is currently heading for a precise test of the 88.50 support zone. A reversal around 88.19-50 is to be expected and it should provoke a rise towards 90.77, en route to 92.40 major resistance.

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Current level- 1.6369

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.

Current rebound from yesterday's minor bottom at 1.6312 is corrective in nature and precedes next slide towards 1.6250, en route to 1.6130. Important resistance on the upside remains 1.6519 area.