Forex Technical Analysis

EUR/USD

Current level-1.4729

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 1.4134 and 1.3523.

Yesterday's minor consolidation was limited above 1.4570 support area and the uptrend has been renewed, breaking above 1.4675 resistance zone. Current bias is positive for 1.4842, en route to 1.4911, with nearest support around 1.4670, followed by the crucial 1.4592.

Resistance		Support
intraday	intraweek	intraday	intraweek
1.4675	1.4720	1.4842	1.50+
1.4564	1.4444	1.4180	1.3746

USD/JPY

Current level - 89.26

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 94.86 and 94.84.

A minor consolidation unfolds above the dynamic support at 88.82 and we think, that it precedes a break below 88.42, that will target 87.12 lows. Intraday bias is neutral and important on the upside remains 90.34.

Resistance		Support
intraday	intraweek	intraday	intraweek
90.40	93.40	99.03	101.42
89.12	88.40	87.12	83.25

GBP/USD

Current level- 1.5962

The pair is in a downtrend after peaking at 1.7042. Trading is situated between the 50- and 200-day SMA, currently projected at 1.6454 and 1.5258.

Yesterday's low at 1.5901 was a turning point in the second part of the rise from 1.5803, so a clear break below 1.5901 is to be expected and it will initiate a massive sell-off for 1.5766, en route to 1.5352. The intraday bias is already negative with the recent break below 1.5961, so expect current rebound above 1.5937 to be corrective in nature and to give an entry point for the next leg downwards, to 1.5834.

Resistance		Support
intraday	intraweek	intraday	intraweek
1.6024	1.6130	1.6460	1.7042
1.5801	1.5766	1.5352	1.50+

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