Forex Technical Analysis on Majors

Stoyan Mihaylov from www.deltastock.com at 12/16/09

 Current level-1.4534

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 1.4169.
  
Current rebound above 1.4503 low is corrective in nature and should be limited below 1.4607 before next leg downwards to 1.4412-50 area. A clear break below 1.4450 will set the focus on 1.4169 major support. Crucial on the upside is 1.4660.

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 Current level - 89.42

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 89.50 and 93.54.

The intraday bias here is neutral, but a break below 88.95 dynamic support will state, that a top is in place at yesterday's high at 89.96 and a downtrend is on the run towards 87.35.

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 Current level- 1.6241

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 overall bias here is still neutral and the pair is caught in the 1.6130-6370 range, but we continue to think, that a renewal of the downtrend lies ahead and a break below 1.6180 will confirm, that the focus is set at 1.59+.