Forex Economic Analysis

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Forex Technical Analysis on Majors
Thu, Jul 2 2009, 10:49 GMT
by Stoyan Mihaylov
www.deltastock.com

Current level-1.4103
EUR/USD is in a broad consolidation, after bottoming at 1.2331 (Oct.28,2008). Technical indicators are neutral, and trading is situated above the 50- and 200-Day SMA, currently projected at 1.3064 and 1.3524.
After breaking above 1.4103 resistance, the pair peaked at 1.4201 and current bias is negative. A clear break below 1.4001 will target directly 1.3890, en route to 1.3721.
Key Market Levels
| 1.4152 | 1.4201 | 1.4338 | 1.4720 |
| 1.4001 | 1.3889 | 1.3720 | 1.3425 |
__________

Current level - 96.67
A short-term bottom has been set at 87.12 and a large consolidation is unfolding since. Trading is situated below the 50- and 200-day SMA, currently projected at 98.13 and 97.75.
A consolidation unfolds below yesterday's high at 96.98 and it precedes the final upswing to 97.40-60 zone. The intraday bias is neutral.
Key Market Levels
| 97.40-60 | 98.90 | 99.74 | 101.42 |
| 96.12 | 95.50 | 93.58 | 87.12 |
| | | |
| | | |
__________

Current level- 1.6393
The pair is in an uptrend, after bottoming at 1.3506. Trading is situated above the 50- and 200-day SMA, currently projected at 1.4778 and 1.5510.
After the minor rebound from 1.6382, the pair is ready for the next leg downwards, toward 1.6190 major support. Important resistance on the upside is 1.6448.
Key Market Levels
| 1.6480 | 1.6663 | 1.6663 | 1.70+ |
| 1.6312 | 1.6190 | 1.5778 | 1.5352 |
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Published on
Thu, Jul 2 2009, 11:50 GMT
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These analyses are for information purposes only. They DO NOT post a BUY or SELL recommendation for any of the financial instruments herein analyzed. The information is obtained from generally accessible data sources.
The forecasts made are based on technical analysis. However, Deltastock’s Analyst Dept. also takes into consideration a number of fundamental and macroeconomic factors, which we believe impact the price moves of the observed instruments.
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