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Forex Economic Analysis

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Forex Technical Analysis on Majors

Tue, Sep 23 2008, 09:05 GMT
by Stoyan Mihaylov

www.deltastock.com

• EUR/USD

Current level-1.4724

EUR/USD is in а corrective phase, after finalizing the slide from 1.6039 (15 July 2008) at 1.3882. Technical indicators are reversed and rising, and trading is situated below the 50- and 200-Day SMA, currently projected at 1.5256 and 1.5220.

After breaking above 1.4159, the pair confirmed a significant bottom, situated at 1.3882 and that currently a broader consolidation is on the run, towards 1.50+.

As expected, 1.4119 ensured good support and the pair reached bottom at 1.4149 and an uptrend emerged, peaking at 1.4865. We feel, that the upmove is not over yet and just a brief corrective phase is what is unfolding after 1.4865, so expect it to be limited above 1.4702 before next leg upwards, to 1.4969. The levels around 1.4969-1.50+ are suitable for a reversal, that will set an end to the whole uptrend from 1.3882, so stay tuned for a clear reversal pattern around 1.50+.
Today's strategy: Stand aside.

__________

• USD/JPY

Current level - 105.61

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 108.04 and 106.48.  

As expected the pair reversed below our ideal target at 108.01 and new downtrend began, reaching low at 105.12. A break below 104.02 will confirm our short-term outlook for a slide towards 102.63. Intraday resistance comes at 105.93 and we expect this level to limit the upside for the next leg downwards, to 104.61.
Today's strategy: Stand aside.

__________

• GBP/USD

Current level- 1.8529

The pair has finished the broad consolidation above 1.9338 and the general downtrend has been renewed, targeting levels below 1.80+. Trading is situated below the 50- and 200-day SMA, currently projected at 1.9199 and 1.9645.
 

With the break of the crucial 1.7975, a short-term bottom has been confirmed at 1.7446. Our target at 1.8491 was reached, but the uptrend is still intact and despite its corrective nature it has potential for 1.8802, before topping process ends. Intraday support comes at 1.7476 and crucial for the uptrend is 1.8263.
Today's strategy : Stand aside.

Published on  Tue, Sep 23 2008, 09:11 GMT