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

Discussion in 'Major Currency Pairs' started by WindsorBrokers, Nov 8, 2012.

  1. WindsorBrokers

    WindsorBrokers Content Contributor

    Feb 18, 2010
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    The Euro holds bearish momentum, as yesterday’s rally to 1.2880 barrier was short-lived. Disappointing fundamentals, released yesterday, out additional pressure on the pair, along with weak near-term technicals. Brief break below 1.2735 platform and Fib 38.2% of 1.2042/1.3170, tests channel support at 1.2720, with figure support at 1.2700, coming in focus. Further extensions lower to face support at 1.2644, daily Ichimoku cloud base / 90 day MA. Any corrective action sees 1.2800 as initial resistance, while break above 1.2865/75, channel resistance / yesterday’s high, is required to ease bear-pressure.

    Res: 1.2740, 1.2775, 1.2800, 1.2825
    Sup: 1.2720, 1.2700, 1.2642, 1.2606



    The negative near-term sentiment drives the pair lower, with initial support at 1.5950 being cracked. Yesterday’s bull- rally through 1.6000 and quick reversal to the initial levels, confirmed near-term bullish stance. Overall negative tone in the near-term studies, keeps the downside under pressure, with descending 20 day EMA limiting the upside at 1.6000 for now. Clear break below.5950 to focus 1.5900 base and range floor initially, with bearish continuation seen towards 200 day MA at 1.5847. Conversely, bounce through 1.6000, would ease immediate bear-pressure, however, only lift above 1.6040 would prevent fresh weakness in favor of stronger recovery.

    Res: 1.5968, 1.6000, 1.6040, 1.6066
    Sup: 1.5939, 1.5911, 1.5900, 1.5888



    The near-term base and Fibonacci / Ichimoku support at 79.80 zone remains under pressure, as double-failure at 80.40 and subsequent slide below 80.00 support, turn near-term tone more negative. With 4h indicators sliding into negative territory and descending EMA’s capping the upside, immediate risk is seen on a break below 79.80/75 that would trigger stronger corrective action towards 78.63, Fib 38.2% of 77.94/80.67 rally and key near-term level at 79.27, 30 Oct low / 50% retracement. Only lift above 80.40 would shift focus higher again.

    Res: 80.00, 80.43, 80.55, 80.67
    Sup: 79.80, 79.75, 79.63, 79.27



    The pair maintains near-term positive tone, resuming near-term bulls after brief consolidation. As the price breaks above yesterday’s high at 0.9470. Overall bullish structure keeps the initial upside target at 0.9500, round figure / Fib 38.2% of 0.9970/0.9213 descend in focus, with break here to open way for stronger correction through 0.9534, 90 day MA, towards 50% retracement at 0.9591. Any dips should be contained at/above 0.9400/0.9380, to keeps bulls in play. Increased downside risk would be seen on a loss of 0.9380 breakpoint, also 200 day MA.

    Res: 0.9475, 0.9500, 0.9538, 0.9578
    Sup: 0.9462, 0.9454, 0.9436, 0.9430


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