FOREX TECHNICAL ANALYSIS
Major
Currency
Pairs
September
9,
2010
Current level - 1.2695
EUR/USD is in a downtrend, after peaking at 1.5146 (Nov.25,2009).
Technical indicators are descending, and trading is situated below the
50-
and 200-Day SMA, currently projected at 1.3458 and
1.4206.
Yesterday's corrective phase was limited below 1.2673 and although
today there is a chance for one more test in that resistance area, the
overall bias remains bearish for 1.2475. Initial resistance is seen at
1.2770-80.
| resistance |
| intraday |
intraweek |
| 1.2770 |
1.3080 |
| 1.2920 |
1.3335 |
|
| support |
| intraday |
intraweek |
| 1.2675 |
1.2587 |
| 1.2622 |
1.2470 |
|
September
9,
2010
Current level - 83.71
The pair is in a broad consolidation
above 84.78 short-term low.
Trading is situated below the 50- and 200-day SMA, currently
projected at 92.60 and 91.06.
Still in the minor consolidation pattern above 83.30 and the overall
bias remains bearish for 82.50, en route to 80.+ with an initial
resistance at 84.05 and crucial area at 85.22.
| resistance |
| intraday |
intraweek |
| 84.05 |
86.50 |
| 85.22 |
93.50 |
|
| support |
| intraday |
intraweek |
| 83.30 |
82.50 |
| 82.50 |
79.60 |
|
September
9,
2010
Current level - 1.5398
The pair is in an uptrend after bottoming at 1.4226. Trading is
situated above the 50- and 200-day SMA, currently projected at 1.4986
and 1.5539.
Although the rise from 1.5295 was quite impulsive in nature, we think,
that it was the last leg of an "irregular" corrective pattern since
24.08.2010 and current bias is negative for a break
below 1.5290, en route to 1.5118. Initial resistance is seen at 1.5440.
| resistance |
| intraday |
intraweek |
| 1.5440 |
1.5712 |
| 1.5595 |
1.6000 |
|
| support |
| intraday |
intraweek |
| 1.5290 |
1.5118 |
1.5290
|
1.4810 |
|
Stoyan Mihaylov, a Financial Analyst at Deltastock, has an eight-year background
as a senior FX Dealer, trading spot and outright forwards. Since May 2006, Stoyan
has been providing daily, weekly and mid-term analyses on the Foreign Exchange Market.
He has also been reading lectures on FX Fundamental and Technical Analyses in major
Bulgarian Universities. Stoyan Mihaylov has graduated MBA in the University of Economics
– Varna, Bulgaria.
European Union Regulated Broker © 1999-2010 DELTASTOCK AD - Sofia 1000, 6 Stefan Stambolov Blvd., phone +359 2 811 50 50, +359 700 18 180; office@deltastock.com;
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