Written by DeltaStock Inc. | Feb 19 09 08:42 GMT |
EUR/USD
Current level-1.2597
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 bottom at 1.2511 was a final of the slide from 1.2924 (Feb 13), so a larger consolidation is on the run towards 1.2671 and 1.2705. Nevertheless, the downtrend from 1.3090 is still intact and one more, final downswing should be expected, aiming at 1.2421-83, before a major reversal takes place and an uptrend towards 1.31+ emerges on the 4 h. chart.
| Resistance | Support | ||
| intraday | intraweek | intraday | intraweek |
| 1.2671 | 1.2799 | 1.2511 | 1.2421 |
| 1.2705 | 1.3090 | 1.2421 | 1.2330 |
USD/JPY
Current level - 93.53
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
Yesterday's break above 92.74 resistance cleared the way for 93.67 and 94.64. A minor consolidation is unfolding below the recent peak at 93.92 and we expect it to be limited above 92.75, before the final upswing to 94.23. Keep in mind, that the zone around 94.64 is expected to provoke a sharp sell towards 87.12. Crucial for the uptrend from 89.83 is 92.11.
| Resistance | Support | ||
| intraday | intraweek | intraday | intraweek |
| 93.92 | 94.64 | 92.74 | 86.31 |
| 94.64 | 97.48 | 89.83 | 83.02 |
GBP/USD
Current level- 1.4341
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 final sell-off bottomed at 1.4098, failing to reach precisely the support zone around 1.4050, but reversed sharply as expected and now breaks above the important resistance at 1.4321. We hold on to our view, that current break above 1.4321 will target directly 1.4590. Crucial for the uptrend from 1.4098 is 1.4236.
| Resistance | Support | ||
| intraday | intraweek | intraday | intraweek |
| 1.4421 | 1.5722 | 1.4236 | 1.4020-50 |
| 1.4590 | 1.63+ | 1.4098 | 1.3768 |
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