Forex Technical Analysis on Majors

• EUR/USD

Current level-1.4384

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+.
The consolidation since 1.4865 appeared to be larger than expected and recently dipped to 1.4308. We still favor the outlook, that current slide is a corrective pattern, preceeding rise towards 1.5210. Intraday allow further drowning to 1.4269 before finalizing the impulse from 1.4681.
Today's strategy: Stand aside.

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• USD/JPY

Current level - 104.78

The pair is in the second part of the broad consolidation since 95.75 short-term bottom, aiming at 100.01. Trading is situated between the 50- and 200-day SMA, currently projected at 106.01 and 107.96.  

As expected the rise from 105.02 was the final part of the whole consolidation since 103.55, but unfortunately it failed to reach our reversal target at 108.01-23. Obviously the expected downtrend towards 102.63 and 100.01 has already began, so allow current consolidation above 103.52 to be limited below 105.43, before renewing the slide.
Today's strategy: Stand aside.

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• GBP/USD

Current level- 1.8103

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.
 

Last week's quick advance above 1.8640 failed to go anywhere near our ideal target at 1.8802 and peaked at 1.8669. We believe, that the whole rebound from 1.7446 has been completed at that level and the general downtrend is renewed with first target at 1.7912, en route to 1.7446. Intraday resistance comes at 1.8261.
Today's strategy : Stand aside.