Forex Economic Analysis
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Forex Technical Analysis
Fri, Apr 25 2008, 08:27 GMT
by Stoyan Mihaylov
The next Forex Economic Analysis will be published on Tuesday April 29th
EUR/USD
Current level - 1.5583
The currency pair is in an uptrend unfolding from the 1.2484 bottom and probably ahead of a significant reversal on weekly basis. The technical indicators are rising and the trading is situated above the 50-day and the 200-day SMA, currently projected at 1.5317 and 1.4516.
The downtrend from the recent high at 1.6018 has corrected nicely to 1.5706 and is in the next leg downwards, targeting 1.5497. Around the mentioned level a reversal should be expected and an interim bottom will be build for a rebound to 1.57+.
| Minor | Intraday | Major | Intraweek | |
| Resistance | 1.5612 | 1.5567 | 1.5834 | 1.6020 |
| Support | 1.5563 | 1.5508 | 1.5341 | 1.5000 + |
__________
USD/JPY
Current level - 104.36
The pair is in a clear downtrend from the 114.66 top, after completing the broad consolidation since 107.21. The technical indicators are falling on daily basis and trading is situated between the 50- and 200-day SMA, currently projected at 102.74 and 110.57.
We still expect a downtrend to emerge, for a break below the 99.86 dynamic support, en route to 95.75. Nevertheless the uptrend on the lower time-frames is still intact, so only below 100.82 will be confirmed, that the outlook is totally bearish for 95.75. Intraday allow a test of the 104.97 resistance level and a downward reaction to follow, aiming at 102.68.
| Minor | Intraday | Major | Intraweek | |
| Resistance | 104.68 | 104.97 | 104.97 | 108.31 |
| Support | 103.63 | 102.68 | 100.82 | 95.75 |
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GBP/USD
Current level - 1.9701
The pair has reversed at 1.9337 and the technical indicators are rising and convergent. Trading is situated between the 50-day MA, projected at 1.9741 and the 200-day SMA, at 1.9925.
With last week's break above the dynamic resistance at 1.9849, 1.9599 was confirmed to be the end of the slide from 2.0397. From a short-term point of view, current upmove will target 2.0397 and probably 2.0622.
Today expect a bottom to be build above 1.9668, for a rise towards the dynamic 1.9956 and 2.0196 later on.
| Minor | Intraday | Major | Intraweek | |
| Resistance | 1.9758 | 1.9821 | 1.9959 | 2.0196 |
| Support | 1.9668 | 1.9599 | 1.9599 | 1.9421 |
Published on Sat, Apr 26 2008, 17:28 GMT
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