Forex Technical Analysis on Majors
Stoyan Mihaylov from www.deltastock.com at 01/20/10
EUR/USD
Current level-1.4208
EUR/USD is in a downtrend, after peaking at1.5146 (Nov.25,2009). 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 slide from 1.4410 broke through 1.4260 trigger zone thus confirming, that a new downtrend towards 1.3740 is already on the run. The intraday bias is negative for 1.4000-4039 sentiment area and crucial on the upside is 1.4260-80
Minor | Intraday | Major | Intraweek | |
Resistance | 1.4260 | 1.4410 | 1.4670 | 1.5146 |
Support | 1.4123 | 1.4039 | 1.40+ | 1.3740 |
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USD/JPY
Current level - 90.84
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.
With the recent break above 91.07 the downtrend from 92.04 was confirmed to be completed, but the overall bias remains negative and we still favor a slide towards 88.90 area. Crucial on the upside is 92.04 and confirmative is 90.31.
Minor | Intraday | Major | Intraweek | |
Resistance | 91.30 | 92.70 | 93.40 | 95.60 |
Support | 90.60 | 89.89 | 88.90 | 83.45 |
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GBP/USD
Current level- 1.6273
The pair is in a downtrend after peaking at 1.7042. Trading is situated between the 50- and 200-day SMA, currently projected at 1.6454 and 1.5258.
As expected, the pair reversed above 1.6410 area and current bias is negative for a break through 1.6230, en route to 1.6052 dynamic support. Crucial on the upside is 1.6326.
Minor | Intraday | Major | Intraweek | |
Resistance | 1.6326 | 1.6410 | 1.6410 | 1.7042 |
Support | 1.6230 | 1.6052 | 1.5706 | 1.5352 |