Forex Technical Analysis

EUR/USD

Current level - 1.2584

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.

Friday's break below 1.2680 signaled, that a top is in place at 1.2722 and current bias is negative for a break below 1.2553, en route to 1.2470 major support. First resistance on the upside is 1.2611, followed by the crucial 1.2647.

USD/JPY

Current level - 88.83

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.

The consolidation pattern above 86.96 is still on the run, testing 89.20 major resistance. We favor a reversal around these levels to trigger a sell-off towards 86.96, en route to 84.78. Initial intraday support is seen at 88.70

GBP/USD

Current level - 1.4951

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

A top has been confirmed at 1.5230 with the break below 1.5080 support and current bias is negative, towards 1.4870-50 support area. Initial intraday resistance comes at 1.5009, followed by the major one at 1.5080.