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Forex Technical Analysis on Majors

Mon, Dec 1 2008, 09:40 GMT
by Stoyan Mihaylov

www.deltastock.com


  • EUR/USD

eurusd011208


Current level-1.2691

EUR/USD is in а downtrend, after finalizing the rebound from 1.3882 (Sept. 11 2008) at 1.3882. Technical indicators are falling, and trading is situated below the 50- and 200-Day SMA, currently projected at 1.3292 and 1.4866.
  
 
The expected sell-off from 1.2957 appeared to be deeper than anticipated and will probably aim at 1.2561 before reversal. We still hold on to our view, that current slide from 1.3081 is corrective in nature, but a break above 1.2957 is needed to confirm our outlook and crucial is 1.2421.

Key Market Levels
MinorIntradayMajorIntraweek
Resistance1.29961.30811.32811.3671
Support1.26121.25611.24211.2331

__________


  • USD/JPY

usdjpy201108


Current level - 95.12

The pair is in the second part of the broad consolidation since 90.95 short-term bottom, aiming at 103.52. Trading is situated below the 50- and 200-day SMA, currently projected at 107.61 and 105.76.  


The flat corrective pattern above 94.66 requires one more slide downwards to 94.01 before reversing for 97.48. Crucial is 93.46.

Key Market Levels
MinorIntradayMajorIntraweek
Resistance95.7598.21100.53103.55
Support94.5693.3593.3590.95

__________



  • GBP/USD

gbpusd251108


Current level- 1.5271


The pair has finished the broad consolidation above 1.9338 and the general downtrend has been renewed, targeting levels around 1.45+. Trading is situated below the 50- and 200-day SMA, currently projected at 1.8391 and 1.9421.
 

Still in the broad consolidation below 1.5531 and after last week's test of the upper boundary at 1.5453, the pair is ready for a dip towards 1.5131 before next leg upwards, for 1.5889. Important support comes at 1.4963.

Key Market Levels
MinorIntradayMajorIntraweek
Resistance1.54911.55311.58891.6301
Support1.51311.49631.47101.4551


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Legal disclaimer and risk disclosure

These analyses are for information purposes only. They DO NOT post a BUY or SELL recommendation for any of the financial instruments herein analyzed. The information is obtained from generally accessible data sources. The forecasts made are based on technical analysis. However, Deltastock’s Analyst Dept. also takes into consideration a number of fundamental and macroeconomic factors, which we believe impact the price moves of the observed instruments. Deltastock Inc. assumes no responsibility for errors, inaccuracies or omissions in these materials, nor shall it be liable for damages arising out of any person's reliance upon the information on this page. Deltastock Inc. shall not be liable for any special, indirect, incidental, or consequential damages, including without limitation, losses or unrealized gains that may result. Any information is subject to change without notice.

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eurusd, gbpusd, usdjpy

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eurusd, gbpusd, usdjpy


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