November 17, 2009
Current level-1.4929
EUR/USD is in a broad consolidation, after bottoming at 1.2331 (Oct.28,2008). Technical indicators are neutral, and trading is situated above the 50- and 200-Day SMA, currently projected at 1.4134 and 1.3523.
Yesterday's peak at 1.4994 marked a minor reversal and a sell-off followed, bottoming at 1.4881. Current intraday bias is negative with a crucial level at 1.4974 and we expect this slide to be the last wave of the consolidation pattern below 1.5050, before advancing towards 1.5130. As there is no important support in EUR/USD on the lower frames, watch out for 0.8830 zone in EUR/GBP, as it is expected to provide a reliable support for the next leg upwards.
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