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

Discussion in 'Major Currency Pairs' started by WindsorBrokers, Dec 3, 2013.

  1. WindsorBrokers

    WindsorBrokers Content Contributor

    Feb 18, 2010
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    The Euro consolidates above fresh lows at 1.3520, following sharp fall from 1.36 zone, where the larger rally stalled. Formation of hourly H&S pattern sees more downside risk, with further acceleration expected on a break below strong support at 1.3500, round figure support / daily 20DMA / Tenkan-sen line. Losses below 1.35 handle to open another strong support at1.3460 zone, 50% retracement of 1.3294/1.3620 / daily cloud base, with higher low at 1.34 seen in extension. Negative near-term technicals support the scenario, with initial resistance at 1.3559, Fibonacci 38.2% of 1.3614/1.3523 fall being cracked for extension towards 1.3579, yesterday’s higher platform and 61.8% retracement, regain of which to sideline immediate downside risk and shift focus towards upside targets at 1.3600/20.

    Res: 1.3579; 1.3600; 1.3620; 1.3626
    Sup: 1.3523; 1.3500; 1.3457; 1.3420



    Cable dipped about hundred pips on a corrective pullback from yesterday’s fresh high at 1.6441 and found temporary footstep at 1.6340, 4-hour 20DMA where near-term basing attempt is seen. Positive 4-hour studies see the upside in focus, with regain of 1.6400 handle requested to confirm base formation. Bulls may be delayed for further consolidation, as hourly studies are weak, however, further dips should not exceed psychological 1.6300 support, near 50% retracement of 1.6137/1.6441 upleg and previous congestion tops at 1.6360 zone, in order to keep larger bulls intact. Break above 1.6441 to open psychological 1.6500 barrier next.

    Res: 1.6400; 1.6441; 1.6500; 1.6550
    Sup: 1.6340; 1.6325; 1.6300; 1.6256



    The pair maintains positive tone, as fresh extension of the upleg from 101.13 cracked psychological 103.00 barrier and posted new high at 103.36, en-route towards key resistance and short-term target at 103.72, 103.72, 22/05 yearly high. Near-term studies are bullish, but overbought conditions suggest possible hesitation on approach to 103.72. Initial supports lay at 102.61, previous high and 102.00, former consolidation floor, below which, bulls may be put on hold for deeper corrective pullback towards 101 zone.

    Res: 103.36; 103.50; 103.72; 104.00
    Sup: 102.82; 102.61; 102.21; 102.10



    The pair came under increased pressure after recovery rally stalled ahead of important 0.9200 barrier and subsequent pullback through 0.9100 support, fully retraced 0.9054/0.9167 corrective rally. Previous low at 0.9054 so far contained weakness, with basing attempt being in play, despite negative near-term technicals, as RSI / MACD bullish divergence builds up on 4-hour chart. However, to confirm such scenario and avert downside risk towards psychological 0.9000 support, bounce through initial barrier at 0.9100 and regain of 0.9167/0.9200 hurdles, is required.

    Res: 0.9100; 0.9131; 0.9148; 0.9167
    Sup: 0.9064; 0.9054; 0.9000; 0.8950


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