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Forex Technical Analysis on Majors
Thu, Aug 14 2008, 08:56 GMT
by Stoyan Mihaylov
EUR/USD
Current level-1.4915
EUR/USD is in а downtrend from 1.6039 (15 July 2008). Technical indicators are descending and trading is situated below the 50- and 200-Day SMA, currently projected at 1.5677 and 1.5227.
Still in the broad consolidation since 1.4815 and we feel no need to change our outlook for 1.5081, while trading holds above 1.4815. After breaking beyond 1.4979, crucial will become current intraday low at 1.4850.
Today's strategy: Stay on the long side for 1.5081, while above 1.4815.
| Minor | Intraday | Major | Intraweek | |
| Resistance | 1.4964 | 1.5081 | 1.5301 | 1.6039 |
| Support | 1.4815 | 1.4742 | 1.4742 | 1.4438 |
__________
USD/JPY
Current level - 109.40
The pair is still in the broad consolidation since 95.75 short-term bottom, aiming at 111.03. Trading is situated above the 50- and 200-day SMA, currently projected at 107.09 and 106.62.
The important dynamic support at 108.37-59 managed to hold yesterday's sell and provoked nice rebound, all the way up to 109.74. Still it looks a little bit corrective in nature, so have in mind, that an eventual break below 108.83 will challenge (most probably-successfully) once more 108.37. Below 108.37 next support lies at 106.12.
Today's strategy: Stand aside.
| Minor | Intraday | Major | Intraweek | |
| Resistance | 109.74 | 110.36 | 111.03 | 112.36 |
| Support | 108.83 | 108.37 | 106.06 | 100.00 |
__________
GBP/USD
Current level- 1.8705
The pair has finished the broad consolidation above 1.9338 and the general downtrend has been renewed, targeting levels below 1.85+. Trading is situated below the 50- and 200-day SMA, currently projected at 1.9752 and 1.9853.
After breaking below 1.8931 the downtrend accelerated and reached minimum at 1.8620. We think, that this level is a final of the 1.9035-1.8620 downtrend, so a corrective phase is expected to challenge 1.8803 later today. Crucial for the expected consolidation is 1.8646.
Today's strategy : Stand aside.
| Minor | Intraday | Major | Intraweek | |
| Resistance | 1.9125 | 1.9338 | 1.9929 | 2.0397 |
| Support | 1.8646 | 1.8620 | 1.84+ | 1.80-sentiment |
Published on Thu, Aug 14 2008, 09:01 GMT
Archive
- Forex Technical Analysis on Majors
Published On Mon, Dec 1 2008, 09:40 GMT - Forex Technical Analysis on Majors
Published On Fri, Nov 28 2008, 09:14 GMT - Forex Technical Analysis on Majors
Published On Thu, Nov 27 2008, 09:53 GMT - Forex Technical Analysis on Majors
Published On Wed, Nov 26 2008, 09:57 GMT - Forex Technical Analysis on Majors
Published On Tue, Nov 25 2008, 09:57 GMT
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