Forex Technical Analysis on Majors

Fri, Feb 5 2010, 10:43 GMT
by Stoyan Mihaylov

www.deltastock.com  |  View company's profile

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• EUR/USD

Current level-1.3675

EUR/USD is in a downtrend, after peaking at 1.5146 (Nov.25,2009). Technical indicators are neutral, and trading is situated below the 50- and 200-Day SMA, currently projected at 1.4793 and 1.4169.
  
The pair broke through 1.3740 support, dipping to 1.3649. The overall bias remains negative for 1.3413 with an intraday resistance at 1.3740. On the 4h. chart crucial is 1.3850.

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• USD/JPY

Current level - 89.37

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 break below the dynamic support at 90.32 initiated a fast downtrend to 88.54. Current rebound is to be considered corrective in nature, preceding next slide to 87.36. Initial resistance comes at 90.08.

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• GBP/USD

Current level- 1.5675

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.

After reaching our target at 1.5706, the pair broke through that low and dipped to 1.5653. The overall bias remains negative for the 1.5352 daily frame support area. Intraday resistance comes at 1.5727, followed by the important on the 4h. frame 1.5835.

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