Forex Technical Analysis on Majors

Stoyan Mihaylov from www.deltastock.com at 11/09/09

 Current level-1.4967

EUR/USD is in a broad consolidation, after bottoming at 1.2331 (Oct.28,2008). Technical indicators are neutral, and trading is situated above the 50- and 200-Day SMA, currently projected at 1.4134 and 1.3523.
  
The consolidation below 1.4935 was completed with Friday's low at 1.4814 and the bias is positive for 1.5063. Initial intraday resistance comes at 1.4983 and the pair is well supported at 1.4944.

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 Current level - 90.10

A short-term bottom has been set at 87.12 and a large consolidation is unfolding since. Trading is situated below the 50- and 200-day SMA, currently projected at 94.86 and 94.84.

Although the pair dipped few pips lower than expected, we think, that the reversal at 89.61 will target 91.58 resistance before larger slide towards 88.82. Important trigger on the upside is 90.75 and crucial is 89.71.

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Current level- 1.6759

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.
   
Our target at 1.6752 was filled and the overall bias remains positive for 1.6835, en route to 1.70+. Keeping in mind, that there is no significant resistance level between 1.6752 and 1.7042, current outlook is to be considered extremely bullish with a risk-limit below 1.6519 on the 4 h. chart. Intraday support comes at 1.6731, followed by the crucial 1.6691.