Forex Technical Analysis on Majors

Stoyan Mihaylov from www.deltastock.com at 12/14/09

 Current level-1.4663

EUR/USD is in a broad consolidation, after bottoming at 1.2331 (Oct.28,2008). Technical indicators are neutral, and trading is situated between the 50- and 200-Day SMA, currently projected at 1.4793 and 1.3523.
  
The break below 1.4692 resulted in a sharp sell-off to 1.4587 and current rebound from that bottom is to be considered corrective in nature before next slide towards 1.4450 major support. Intraday bias is slightly positive while the pair holds above 1.4646, but is capped at 1.4693 minor resistance. Crucial on the upside is 1.4778.

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Current level - 88.42

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.

As expected, the pair reversed shortly after the break above 88.75 resistance and is in a downtrend from 89.82, currently consolidating above 88.36 low. The overall bias is negative for 87.35 and crucial on the upside is 88.99 resistance

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Current level- 1.6240

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.

Friday's test of the 1.6180 support failed and the pair is still in the consolidation pattern above 1.6130. Further depreciation is to be expected, towards 1.59+, but while 1.6167 holds there is a chance for one more test around the upper boundary at 1.6370.