Forex Technical Analysis on Majors

Stoyan Mihaylov from www.deltastock.com at 12/29/09

 Current level-1.4372

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.
  
A bottom has been set at 1.4216 low, few pips above the 200-day SMA projection. Intraday expect a positive bias towards 1.4499 resistance with an initial support around 1.4350.

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 Current level - 91.72

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.

Current consolidation below 91.89 precedes a test in the 92.40 resistance area and a reversal around that zone is to be expected, for 90.61 support area.

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 Current level- 1.6008

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.

A break above 1.6040 resistance is to be expected and it will set the focus on 1.6167 area. The overall bias remains neutral in the 1.59+ - 1.6167 range, due to the current market conditions in the last trading sessions of the year.