Forex Technical Analysis

EUR/USD

Current level - 1.3067

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 peak at 1.3107 was a test of the 1.3120 major resistance, but currently there are no signs of a reversal, so our outlook remains bullish for the next target area at 1.3310. Initial support comes at 1.3045, followed by the crucial 1.2960. An eventual break below 1.2960 will state that the uptrend since 1.2731 is over and a top is place.

USD/JPY

Current level - 86.38

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.

With the break below 86.82 the consolidation pattern above 86.25 has been confirmed to be over and the bias is negative for 85.60, en route to 84.78. Initial resistance is seen at 86.62 and crucial is 87.15.

GBP/USD

Current level - 1.5627

The pair is in a downtrend after peaking at 1.7042. Trading is situated below the 50- and 200-day SMA, currently projected at 1.5057 and 1.5851.

The overall bias remains bullish for 1.5775-5830 with an initial support around 1.5570 and crucial area around 1.5520. The intraday bias is neutral while the pair is capped at 1.5662 in a minor consolidation phase.