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> Deltastock Daily Fx Analysis, March 6, 2009
Stoyan Mihaylov
post Mar 6 2009, 10:11
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March 6, 2009
Current level-1.2698

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.

As expected, the slide from 1.2662 bottomed at 1.2477 and probably the final leg of the corrective phase above 1.2457 is underway, targeting 1.2753. Keeping in mind, that 1.2735-53 is a strong resistance zone, we will expect reversal around these levels to provoke renewing of the downtrend towards 1.23+.

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