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

Discussion in 'Major Currency Pairs' started by WindsorBrokers, May 15, 2013.

  1. WindsorBrokers

    WindsorBrokers Content Contributor

    Feb 18, 2010
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    The Euro remains under pressure after yesterday’s upside rejection at 1.3025, where a double-top was left, ahead of fresh weakness. The price violated psychological 1.2900 support, on today’s acceleration lower that suggests further descend, as 50% of 1.2744/1.3241 upleg has been broken and near-term studies hold negative tone. Loss of 1.2900 handle to expose next targets at 1.2861, Fib 76.4% and 1.2800, round figure support. However, bears may be interrupted by corrective action on oversold near-term studies, with previous strong supports at 1.2934/53, now offering initial resistance, ahead of 1.3000, below which rallies should be ideally contained. Only lift above 1.3025 would signal a pause in near-term downtrend and allow for stronger counce.

    Res: 1.2934, 1.2953, 1.3000, 1.30245
    Sup: 1.2886, 1.2861, 1.2840, 1.2800



    Near-term bears are fully in play, as the price extended descend from 1.5590 double-top, to crack significant support zone and breakpoint at 1.5217/1.5195, 50% of 1.4830/1.5603 / April’s higher platform. The support proves to be strong, as the price bounced, after hitting fresh low at 1.5190. Dominating negative tone on near-term studies does not see much of upside potential for now, with any stronger rally, expected to hold below 1.5300 barrier. Bearish continuation below 1.5190 to confirm top at 1.56 zone and confirm end of 1.4830/1.5603 corrective phase, with 1.5125/00, seen as next downside targets.

    Res: 1.5236, 1.5276, 1.5300, 1.5330
    Sup: 1.5190, 1.5150, 1.5125, 1.5100



    The pair rallies again, after corrective pullback from 102.14 found footstep at 101.25. Break above initial 102.00/14 barriers, signals bullish resumption of fresh upleg from 98.63 that opens way towards next target at 103.00. Positive near-term studies remain supportive, with initial supports standing at 102.14/00, previous barriers and 101.25, keeping the downside protected.

    Res: 102.60, 103.00, 103.50, 104.00
    Sup: 102.14, 102.00, 101.25, 101.00



    The pair remains in a steep downtrend that accelerated after losing 1.0114, multi-month range floor. Break below parity level, as psychological support and the next one at 0.9900, keeps the way open towards 0.9579, May 2012 low, with interim supports at 0.9825/00 and 0.9660. However, corrective action may preced fresh weakness, but rallies are for now seen limited, with initial barriers at 0.9914/40 and parity level expected to cap.

    Res: 0.9900, 0.9915, 0.9940, 1.0000
    Sup: 0.9851, 0.9825, 0.9800, 0.9750


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