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

Discussion in 'Major Currency Pairs' started by WindsorBrokers, May 27, 2013.

  1. WindsorBrokers

    WindsorBrokers Content Contributor

    Feb 18, 2010
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    The Euro maintains positive near-term tone while holding above 1.2900 higher platform, where 55 day EMA keeps the downside protected in the near-term. With 4h indicators being in the positive territory, scope exists for possible fresh attempt at strong barrier and near-term tops at 1.3000 zone, break of which to resume near-term recovery off 1.2795, 17 May low. From the other side, hourly studies are losing traction, with negative daily structure, being pressured by 20/200 MA death cross, downside remains at risk. Break below 1.2900 to confirm and expose lower boundaries of near-term 1.2800/1.3000 range.

    Res: 1.2937, 1.2957, 1.3000, 1.3041
    Sup: 1.2900, 1.2885, 1.2860, 1.2840



    Near-term picture remains positive, as the pair trades in a corrective mode off 1.5012, 23 May low, with price consolidating under 1.5145, 50% retracement of 1.5279/1.5012 fall. Price action is underpinned by hourly 20/55 day EMA’s bullish crossover at 1.5100, however, break above congestion at 1.5145, is required resume recovery and avert the downside risk, as 4h indicators still hold below their midlines and larger picture shows bears fully in play. Break below 1.5100 handle would re-expose psychological 1.5000 support. On the upside, key resistances lay at 1.5279 and 1.5321, regain of which is required to shift short-term focus higher.

    Res: 1.5150, 1.5188, 1.5200, 1.5220
    Sup: 1.5116, 1.5100, 1.5062, 1.5020



    The pair came under increased pressure on Friday, when recovery rally failed at 102.57 and subsequent weakness slid below 101.00 handle. The price posted fresh low at 100.65, with negative near-term studies, keeping the downside favored and eyeing psychological 100.00 support. Bearish 20/55 day EMA’s crossover at 101.80, maintains pressure, while only break above Friday’s high at 102.57, would provide near-term relief.

    Res: 101.40, 101.82, 102.19, 102.57
    Sup: 100.65, 100.36, 100.00, 99.74



    The pair extended weakness from last Thursday’s recovery failure at 0.9777 and approached psychological 0.9600 support that has already been dented on last week’s break to 0.9592. Negative tone dominates on near-term studies and keeps downside focused, as a part of broader downtrend, interrupted by minor correction so far. Main short-term target lays at 0.9579, May 2012 low, with further bearish extension not ruled out, as the pair’s price action was in red for past three weeks. Corrective rallies would face initial resistances at 0.9750/77, while only break above 0.9840, would ease bear pressure and open way for stronger correction.

    Res: 0.9676, 0.9695, 0.9714, 0.9738
    Sup: 0.9613, 0.9592, 0.9579, 0.9550


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