Forex Technical Analysis on Majors

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

Current level-1.5034

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 1.5022 has ended at 1.4937 low and the uptrend is renewed towards 1.5124. Crucial on the downside is 1.4970.

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Current level - 89.93

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.

The expected reversal is already a fact, although it took place few pips above our target area at 89.17-88.83. Intraday bias is positive for 90.30, initial support comes at 89.67 and next target beyond 90.30 is 91.58.

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Current level- 1.6746

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 1.6703 resistance denied our idea of further depreciation and it looks like the pair is caught in the 1.6520-1.6840 range on the 2 h. chart. Intraday bias is positive for 1.6815 with a support around 1.6709.