Forex Technical Analysis on Majors

Stoyan Mihaylov from www.deltastock.com at 12/17/09

Current level-1.4411

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.
  
Yesterday's consolidation was limited below 1.4607 resistance and a sharp sell-off followed, bottoming at 1.4369. The overall bias remains negative for 1.4170 main target with an initial resistance at 1.4499, followed by the crucial 1.4590.

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Current level - 89.74

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 slide below 89.93 was confirmed to be only a corrective pattern and a new high followed, at 90.26. Intraday important support is 89.35 as that level is a combination between a static and a dynamic support and an eventual break below that area will target directly 87.35. Current intraday bias is negative, but the uptrend from 87.35 is still intact.

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Current level- 1.6212

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.

Yesterday's break above 1.6320 resistance resulted in a fast upswing to 1.6410, which we believe was the final wave in the prolonged consolidation above 1.6130. A break below 1.6180 will confirm, that the downtrend is renewed towards 1.59+ main target.