Forex Technical Analysis

Daily Forex Technicals | Written by DeltaStock Inc. | Feb 12 09 09:03 GMT |

EUR/USD Current level-1.2925 EUR/USD is in a broad consolidation, after bottoming at 1.2331 (Oct.28,2008). Technical indicators are rising, and trading is situated below the 50- and 200-Day SMA, currently projected at 1.3292 and 1.4721. Yesterday's downward impulse bottomed at 1.2833 and having in mind, that it could not reach some of the important levels around 1.2746-78, we are tempted to think, that a bullish movement for 1.31+ and 1.3328 lies ahead. Crucial is 1.2746, as if we see a break below that level, it would transform the consolidation since 1.2706 into an inverted, bearish flag and will challenge 1.2547. Intraday resistance comes at 1.2945 and the pair has potential for one more downswing to 1.2811-33 before entering a bullish phase. Resistance Support intraday intraweek intraday intraweek 1.2945 1.3092 1.2886 1.2746 1.2997 1.3328 1.2811 1.2547 USD/JPY Current level - 90.07 The pair has finalized its consolidation above 90.95 at 97.48 and the general downtrend has been renewed, targeting 79.86. Trading is situated below the 50- and 200-day SMA, currently projected at 107.61 and 105.76 The downtrend from 91.53 has bottomed at 89.71 and rebounded well to the 90.73 resistance level. We hold on to our view, that the slide from 92.21 is the beginning of a sharp downtrend towards 86.31 and 83.01. Intraday resistance is 90.73 and the pair is targeting 88.63. Resistance Support intraday intraweek intraday intraweek 90.73 93.12 89.51 87.12 92.24 97.48 88.63 83.01 GBP/USD Current level- 1.4365 The pair is in a larger corrective phase towards 1.60+, after bottoming at 1.3506. Trading is situated below the 50- and 200-day SMA, currently projected at 1.5505 and 1.8341. Yesterday's brief test of the 1.4590 resistance failed and the pair was sold out to 1.4316 low. The overall bias is still negative for 1.4286 and if we see a break below that support, next important level will be 1.4020-50 zone. Only above 1.4560, a reversal will be confirmed Resistance Support intraday intraweek intraday intraweek 1.4435 1.4986 1.4316 1.4020 1.4560 1.5727 1.4286 1.3506 DeltaStock Inc. - Online Forex & Securities Broker www.deltastock.com RISK DISCLAIMER: These analyses are for information purposes only. They DO NOT post a BUY or SELL recommendation for any of the financial instruments herein analyzed. The information is obtained from generally accessible data sources. The forecasts made are based on technical analysis. However, Delta Stock’s Analyst Dept. also takes into consideration a number of fundamental and macroeconomic factors, which we believe impact the price moves of the observed instruments. Delta Stock Inc. assumes no responsibility for errors, inaccuracies or omissions in these materials, nor shall it be liable for damages arising out of any person's reliance upon the information on this page. Delta Stock Inc. shall not be liable for any special, indirect, incidental, or consequential damages, including without limitation, losses or unrealized gains that may result. Any information is subject to change without notice.