Forex Technical Analysis on Majors

by Stoyan Mihaylov
www.deltastock.com
EUR/USD
Current level-1.5572

EUR/USD is in an uptrend from recent bottom at 1.5301, that was the final of the prolonged consolidation since 1.5909 (17 March 2008). Technical indicators are slowly rising and trading is situated between the 50- and 200-Day SMA, currently projected at 1.5677 and 1.5181.
Yesterday's corrective rise peaked few pips above our target at 1.5689 and sell-off
followed to recent low at 1.5547. We hold on to our view, that a minor uptrend unfolds from 1.5519, targeting 1.5891. Crucial is 1.5519.
Today's strategy: Buy current levels with a stop below 1.5519.

USD/JPY
Current level - 107.46
The pair has finalized its corrective uptrend from 95.75 mid-term bottom with the recent top at 108.59. Trading is situated below the 50- and 200-day SMA, currently projected at 105.81 and 107.25.
Obviously 108.44 is a tough resistance level and we rather prefer the idea, that the pair is entering a larger corrective phase below 108.44 and above 106.06. Yesterday's spike-high has reached precisely our target at 108.37, thus setting a local top at that level, finalizing the rise from 106.59 (25 July). Now a minor downtrend is on the run, targeting 106.61 with an intraday resistance, projected at 107.87.
Today's strategy: Sell rallies to 107.80, stop above 108.17, target seen at 106.61.

GBP/USD
Current level- 1.9761
The pair is in a broad consolidation above 1.9338 and below 2.0397. Technical indicators are flat on the higher time-frames and trading is situated above the 50- and 200-day SMA, currently projected at 1.9685 and 1.9982.
The sell-off from recent peak at 1.9968 has managed to slide below 1.9817, thus confirming, that the broad corrective pattern since 2.0153 is still on the run. We expect the pair to aim at 1.9691, where a reversal should take place for finalizing the whole slide from 2.0153.
Yesterday's rise was a little bit stronger than expected, reaching intraday high at 1.9929 where a sell-off emerged for 1.9693. Intraday resistance is projected at 1.9786, but only above 1.9841 it will be clear, that the corrective slide from 2.0153is already over.
Today's strategy : Sell 1.9785 for 1.9711, stop/Reverse above 1.9841. On the senior frames, buy on a break above 1.9929 for 2.0274.