Forex Technical Analysis on Majors

• EUR/USD

Current level-1.2789

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 1.4595 and 1.5183.
  
 

As expected 1.2992 managed to limit yesterday's consolidation on the upside and the decline was renewed from 1.2947, reaching low at 1.2721. We believe that the sell from 1.2947 was only an internal part of the consolidation since 1.2731, so allow a few more intraday swings above 1.2721 and below 1.2947 before entering a sharp downward impulse towards 1.2484.

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• USD/JPY

Current level - 97.80

The pair is in the second part of the broad consolidation since 95.75 short-term bottom, aiming at 97.63. Trading is situated below the 50- and 200-day SMA, currently projected at 107.61 and 105.76.  

Obviously te consolidation pattern below 103.55 resistance has ended at 102.41 and the renewed decline has reached a local bottom at 96.84. We think, that with 96.84 the downtrend from 102.41 has been completed, so we'll expect an uptrend towards 99.93, en route to 103.55. Intraday a minor consolidation is what is unfolding below 98.33, so later today expect next leg upwards, to 99.92. Crucial is 96.84.

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• GBP/USD

Current level- 1.6305

The pair has finished the broad consolidation above 1.9338 and the general downtrend has been renewed, targeting levels below 1.70+. Trading is situated below the 50- and 200-day SMA, currently projected at 1.8391 and 1.9421.
 

The sharp sell-off from yesterday's peak at 1.7194 bottomed at 1.6149, but only a brief consolidation is to be expected above these levels, before next leg downwards to 1.5846. The overall downtrend from 2.0153 is in its most powerfull part, so we will expect current rebound to be limited below 1.6492, followed by another strong downmove to 1.5846, en route to 1.55+.