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

Discussion in 'Major Currency Pairs' started by WindsorBrokers, Nov 18, 2013.

  1. WindsorBrokers

    WindsorBrokers Content Contributor

    Feb 18, 2010
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    The Euro remains steady and holds around 1.35 handle, where the pair ended last week’s trading, but so far unable to clearly break psychological barrier, reinforced by daily 55DMA. Technicals on the near-term are positive, with the price being establish in a bull-channel off 1.3294, 07/11 low. Sustained break above 1.35, to open next layers of resistance at 1.3546/63, 11 high / 50% retracement of 1.3831/1.3294 downleg. On the other side, daily studies remain bearish that keeps risk of lower top, in case of upside rejection under 1.3546 in play. Violation of 1.3420/00, trendline / round figure support and mid-point of entire rally from 1.3294 is required to confirm and bring bears in play.

    Res: 1.3504; 1.3546; 1.3563; 1.3600
    Sup: 1.3473; 1.3430; 1.3420; 1.3400



    Cable steadies above 1.6100 handle, above which, weekly close occurred. Clearance of previous highs at 1.6116/13, sees scope for further upside, with 1.6159, Fibonacci 76.4% of 1.6254/1.5853 descend, coming next, ahead of psychological 1.6200 barrier. With near-term focus being shifted towards the upper boundary of short-term range, break above 1.6200 is expected to open range tops at 1.6254/59. Positive near-term studies support the notion, as daily indicators broke above the midlines and underpin the action. Initial support lies at 1.6100, with higher platform at 1.6050, expected to keep the downside protected.

    Res: 1.6141; 1.6159; 1.6200; 1.6245
    Sup: 1.6100; 1.6050; 1.6030; 1.6000



    The pair enters corrective phase, after posting fresh high at 100.42 and closed for the week above psychological 100 level. The latter comes under pressure, as pullback on overbought near-term studies looks for further easing. Broken bear-trendline at 99.75, offers next support, ahead of strong 99.00 zone, 13/11 higher low / 17/10 previous peak and 50% retracement of 97.61/100.42, where dips should be ideally contained. Overall picture remains bullish and favors further extension and full retracement of 100.60/96.55 descend in the near-term.

    Res: 100.42; 100.60; 101.00; 101.37
    Sup: 99.75; 99.35; 99.00; 98.80



    The pair returns to strength, as break above near-term congestion and clearance of psychological 0.9400, also 50% retracement of 0.9541/0.9269, signals basing attempt and stronger corrective action, as the 0.9269 base is reinforced by daily 90DMA. The price attempts at 0.9420, daily 55DMA / previous low of 01/11, above which, Fibonacci 61.8% and 76.4% at 0.9437/77, come next. However, larger downmove from 0.9755, 23/10 peak, remain intact and regain of 06/11 lower top at 0.9541, is required to neutralize bears and avert risk of lower top and fresh bearish extension.

    Res: 0.9420; 0.9437; 0.9477; 0.9500
    Sup: 0.9385; 0.9357; 0.9330; 0.9300


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