Forex Technical Analysis

Daily Forex Technicals | Written by DeltaStock Inc. | Oct 28 08 09:54 GMT |

EUR/USD

Current level-1.2499

EUR/USD is in а downtrend, after finalizing the rebound from 1.3882 (Sept. 11 2008) at 1.3882. Technical indicators are falling, and trading is situated below the 50- and 200-Day SMA, currently projected at 1.4049 and 1.5194.

Yesterday's downtrend was weaker than expected and bottomed at 1.2331, marking a local low, that was tested once more today and we believe, that this was the final of the whole depreciation since the 1.3678 high. This signals, that the pair is already in a corrective mode and later today we will expect a break above the 1.2582 resistance to aim directly at 1.2751. The major target of the current consolidaton above 1.2331 is 1.2884 and probably 1.2996, before renewing the general slide towards 1.20 sentiment level. Intraday allow brief consolidation pattern above 1.2461 and below 1.2582, that will prepare the stage for the next leg upwards, to 1.2751. Crucial for our outlook is 1.2331.
Resistance Support
intraday intraweek intraday intraweek
1.2583 1.2751 1.2361 1.2234
1.2751 1.3261 1.2234
1.20-sentiment

USD/JPY

Current level - 95.05

The pair is in the second part of the broad consolidation since 95.75 short-term bottom, aiming at 97.63. Trading is situated below the 50- and 200-day SMA, currently projected at 107.61 and 105.76.

Obviously the rebound from 90.96 will be larger than expected and will target 98.09 before completion. Intraday expect 94.18 to ensure good support for climbing above 96.16. Crucial is 92.65.
Resistance Support
intraday intraweek intraday intraweek
95.42 98.06 94.18 90-sentiment
96.16 103.55 92.67 86.01

GBP/USD

Current level- 1.5596

The pair has finished the broad consolidation above 1.9338 and the general downtrend has been renewed, targeting levels around 1.55+. Trading is situated below the 50- and 200-day SMA, currently projected at 1.8391 and 1.9421.

A larger corrective phase is unfolding from the recent bottom at 1.5271 and we expect it challenge 1.5944 and 1.6324 later on, before finalizig the rebound and renewing of the downtrend below 1.50+. Intraday the bias is positive, with initial support at 1.5451 and critical level at 1.5391.
Resistance Support
intraday intraweek intraday intraweek
1.5734 1.5944 1.5361 1.5095
1.5944 1.6342 1.5271 1.4830

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