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

Discussion in 'Major Currency Pairs' started by WindsorBrokers, Oct 7, 2013.

  1. WindsorBrokers

    WindsorBrokers Content Contributor

    Feb 18, 2010
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    The Euro remains in near-term corrective mode, off fresh high at 1.3645, with weekly close at 1.3550, where 4-hour 55DMA / Fibonacci 61.8% of 1.3476/1.3645 contained pullback. Positive structure on 4-hour chart, along with weekly gap-higher opening, holds the overall positive sentiment, however, week hourly studies keep the downside at risk. Extension below session lows at 1.3560 and Last Friday’s low at 1.3537, is expected to increase downside pressure towards 1.3500 higher low and pivotal 1.3460 platform. Conversely, lift above 1.3600 barrier, is required to bring bulls in play for retest of 1.3645 and final push towards short-term target at 1.3710.

    Res: 1.3578; 1.3600; 1.3630; 1.3645
    Sup: 1.3560; 1.3537; 1.3500; 1.3460



    Cable slumped on Friday and fully retraced 1.5998/1.6259 bull-leg, with psychological 1.6000 support offering temporary support, as near-term studies entered oversold territory. Bears remain fully in play and keep the downside at increased risk, with break below 1.6000 handle expected to open higher platform at 1.5940, also 38.2% retracement of 1.5427/1.6259 rally. Loss of the latter to confirm near-term top at 1.6259 and allow for stronger corrective action that would put larger bulls on hold. Initial resistances lay at 1.6076 and 1.6100, while regain of 1.6150/77 hurdles is required to neutralize immediate bears.

    Res 1.6076; 1.6100; 1.6133; 1.6150
    Sup: 1.6005; 1.5980; 1.5941; 1.5900



    The pair remains under pressure, with near-term consolidation near fresh lows at 97.00 zone, being under way. Negative tone prevails on lower timeframes studies that keep focus at key near-term support at 96.80, loss of which to complete 96.80/100.60 bull-phase and open way for full retracement of larger 95.78/100.60 ascend. Corrective rallies should be ideally capped at 98.00 zone, while only regain of 99.00 barrier, would avert downside risk.

    Res: 97.47; 97.86; 98.00; 98.28
    Sup: 96.92; 96.80; 96.55; 96.00



    Near-term structure remains positive, as rally from 0.9280 base retraced nearly 76.4% of 0.9526/0.9280 descend, on extension to 0.9457, pivotal point. Consolidative action is expected to precede fresh rally, with 0.9350 zone, 61.8% of 0.9280/0.9457, seen as ideal reversal point, to keep near-term bulls intact. Clearance of 0.9457 is required to open key barrier at 0.9526, 18/09 peak. Alternatively, slide below 0.9350 would open higher platform at 0.9332 and weaken near-term structure, with increased downside risk seen on violation of 0.9300/0.9280 supports.

    Res: 0.9425; 0.9457; 0.9500; 0.9526
    Sup: 0.9389; 0.9368; 0.9350; 0.9332


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