• Home ::
• Technical ::
• Analysis Reports ::
• Forex Economic Analysis

• Send
• Print
• Add To
• Rss

Forex Economic Analysis

5baa1abb-33a2-46e0-ae2e-94a21f4e4be8

13

0

Forex Technical Analysis on Majors

Mon, Nov 17 2008, 08:44 GMT
by Stoyan Mihaylov

www.deltastock.com

• EUR/USD

Current level-1.2597

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 1.4049 and 1.5194.
  
 
Friday's attempt of breaking beyond the dynamic resistance at 1.2866 failed and the pair remains in ranging mode above the short-term low at 1.2331. More closely speaking, there is a downtrend from 1.2797 and we will expect its corrective phase to be limited below 1.2667 before next leg downwards, to 1.2385.

__________

• USD/JPY

Current level - 97.14

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.  

After the pair broke through the 96.68 resistance, the bearish momentum was lost and current target is set at 100.53. Minor consolidation is unfolding below 98.21 and we expect it to be limited above 96.25 before breaking beyond 98+, towards 99.83.

__________

• GBP/USD

Current level- 1.4734

The pair has finished the broad consolidation above 1.9338 and the general downtrend has been renewed, targeting levels around 1.55+. Trading is situated below the 50- and 200-day SMA, currently projected at 1.8391 and 1.9421.

Unfortunately, the pair did not succeed in breaking above 1.4960, so the bias remains negative for 1.4301. Expect today's corrective phase to stay limited below 1.4831 before heading towards 1.4657.

Published on  Mon, Nov 17 2008, 08:48 GMT