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Windsor Brokers - Short Term Technical Analysis for Majors (07:00 GMT)

Discussion in 'Major Currency Pairs' started by WindsorBrokers, Nov 5, 2012.

  1. WindsorBrokers

    WindsorBrokers Content Contributor

    Feb 18, 2010
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    The Euro remains under pressure at the beginning of the week, following last Friday’s acceleration lower that tested the upper boundary of strong 1.2830/00 support zone, denting 200 day MA at 1.2829. Overall bearish tone keeps further weakness favored, with test of 1.2800 platform seen likely. Break below 1.2800, 5-week congestion floor, to signal major correction and open 1.2740 zone, mid-June highs / Fib 38.2% of 1.2042/1.3170 rally. Corrective rallies see good barrier at 1.2880/1.2900, previous supports, where gains would be likely capped.

    Res: 1.2841, 1.2862, 1.2880, 1.2900
    Sup: 1.2813, 1.2800, 1.2740, 1.2700



    Negative sentiment continues to dominate on the near-term outlook, as last Friday’s bearish acceleration fully retraced 1.6005/1.6174 upleg, as the price posted fresh session low at 1.6006. Brief corrective action on oversold hourlies did not give many results, with near-term focus at 1.6000 support, also Fib 61.8% of larger 1.5911/1.6174 rally, seen as a trigger for fresh weakness and possible retest of key near-term support at 1.5900. Any bounce is expected to be limited at 20/55 EMA’s bearish crossover at 1.6075 and only break here would provide temporary relief.

    Res: 1.6038, 1.6066, 1.6075, 1.6100
    Sup: 1.6005, 1.6000, 1.5974, 1.5935



    Corrective pullback off last Friday’s fresh high at 80.67, when the price reached our initial target, weakened hourly structure, with bulls giving way after lower top was posted at 80.55. Also, indicators on 4h chart are starting to descend off overbought territory. However, bullish daily studies remain intact for now, with the latest reversal seen as corrective, as long as 80.15, Fib 38.2% of 79.27/80.67 upleg, reinforced by 20 day EMA and psychological 80.00 level, stay intact. Otherwise, confirmation of failure swing would be a trigger for stronger correction. On the upside, break above 80.67 to open 81.00 next.

    Res: 80.37, 80.55, 80.67, 81.00
    Sup: 80.26, 80.15, 80.00, 79.90



    Near-term bulls continue to drive the price higher, after the pair found ground at 0.9275 last week and acceleration through 0.9385/0.9400, previous peaks / 200 day MA, and weekly close above here, now testing 0.9430/36 double bottom. Break here is seen as a trigger for stronger correction of 0.9970/0.9213 descend and confirmation of base at 0.9200 zone. With fresh momentum emerging on a daily chart, upside remains favored, however, overextended conditions of hourly studies, may signal pause in current rally. Previous barriers at 0.9400/0.9385, now offer good support.

    Res: 0.9436, 0.9461, 0.9500, 0.9523
    Sup: 0.9414, 0.9400, 0.9385, 0.9374


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