By:DeltaStock Inc.
EUR/USD
Current level-1.2946
EUR/USD is in a broad consolidation, after bottoming at 1.2331 (Oct.28,2008). Technical indicators are neutral, and trading is situated below the 50- and 200-Day SMA, currently projected at 1.3292 and 1.4721.
The uptrend from 1.2457 is still intact and aims at 1.2996 resistance. We are tempted to think, that this test will fail and a break below 1.2862 will confirm a downtrend towards 1.23+. Nevertheless, while 1.2832 and 1.2732 support levels are intact, the short-term outlook remains positive.
USD/JPY
Current level - 98.27
A short-term bottom has been set at 87.12 and a large consolidation is unfolding since. Trading is situated between the 50- and 200-day SMA, currently projected at 91.82 and 100.13.
With the reversal at 95.64 the pair is in an uptrend, that currently consolidates below the dynamic resistance, projected at 98.52. We favor a break above that level, that should target directly 99.69, en route to 100.13.
GBP/USD
Current level- 1.4104
The pair is in a corrective phase, after bottoming at 1.3506. Trading is situated below the 50- and 200-day SMA, currently projected at 1.5505 and 1.8341.
The uptrend from 1.3699 obviously comes from a larger time-frame and is expected to put on test the dynamic resistance at 1.4203. Only a break below 1.3938 will switch the bias to bearish, for 1.3506.
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