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Forex Technical Analysis on Majors
Thu, Aug 21 2008, 09:05 GMT
by Stoyan Mihaylov
EUR/USD
Current level-1.4793
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.
Crucial on the larger frames remains 1.4951 and intraday resistance comes at 1.4852. We hold on to our idea, that the downtrend from 1.6039 is not over and a test of the 1.4438 support lies ahead. Only above 1.4951 it will be clear, that a more significant bottom has been set at 1.4629.
Intraday there is a risk of one more upswing to 1.4852, before next leg downwards to 1.4438.
Today's strategy: Stand aside.
| Minor | Intraday | Major | Intraweek | |
| Resistance | 1.4771 | 1.4767 | 1.4950 | 1.5301 |
| Support | 1.4621 | 1.4563 | 1.4438 | 1.40+ |
__________
USD/JPY
Current level - 108.89
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.
Yesterday's attempt failed again few pips below 110.37 resistance and strong downward impulse is on the run, consolidating above 108.37. We feel, that a significant top is set at 110.66 and break below 108.37 will confirm the bearish outlook for 106.36 and 103.79 later on. important resistance on the upside is 109.51.
Today's strategy: Stand aside.
| Minor | Intraday | Major | Intraweek | |
| Resistance | 110.37 | 111.03 | 111.03 | 112.36 |
| Support | 108.37 | 107.68 | 106.06 | 100.00 |
__________
GBP/USD
Current level- 1.8673
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.
Still in the consolidation above 1.8512 and there are no clear signs that this corrective pattern has already ended. Allow more ranging activity while above 1.8539, as nearest target is projected at 1.8803.
Today's strategy : Stand aside.
| Minor | Intraday | Major | Intraweek | |
| Resistance | 1.8636 | 1.8683 | 1.9013 | 1.9338 |
| Support | 1.8512 | 1.84+ | 1.84+ | 1.80-sentiment |
Published on Thu, Aug 21 2008, 09:13 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
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Published On Tue, Nov 25 2008, 09:57 GMT
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