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

Discussion in 'Major Currency Pairs' started by WindsorBrokers, Dec 9, 2013.

  1. WindsorBrokers

    WindsorBrokers Content Contributor

    Feb 18, 2010
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    The Euro maintains positive tone and broke above short-term target at 1.3710, after psychological 1.3700 barrier was cracked on weekly close above and gap-higher opening last night. The pair consolidated recent gains above 1.3700, now offering immediate support, reinforced by hourly 20DMA, before resuming gains above overnight’s high. Near-term technicals are positive, however, caution is required on overbought 4-hour studies. Extension below 1.3700 handle to open significant supports at 1.3650 higher platform / Fibonacci 38.2% of 1.3527/1.3719 and 03/10 previous high, ahead of 1.3620, 29/11 previous high / last Friday’s spike low and 50% retracement, where stronger dips should be ideally contained. Near-term target lies at 1.3831, 25/10 annual peak, with interim barriers at 1.3789, Fibonacci 138.2% expansion of the wave from 1.3398 and psychological 1.3800 hurdle. Alternative scenario sees increased risk of deeper pullback in case of losing 1.3620/00 supports, the latter marking Fibonacci 61.8% retracement of 1.3527/1.3719 upleg and 4-hour 55DMA, towards higher platform at 1.3525 zone.

    Res: 1.3728; 1.3750; 1.3789; 1.3800
    Sup: 1.3700; 1.3676; 1.3650; 1.3620



    Cable stabilizes, above 1.6300 support as Friday’s spike lower cracked psychological 1.6300 support, ahead of fresh attempt higher. Near-term price action moves in a consolidative mode, with the downside being protected by 4-hour 55DMA, and the upside so far being capped at 1.6400 barrier. Hourly indicators are coming out of neutral zone, however, more negative tone is seen on 4-hour chart, with risk of easing below 1.6300 footstep, expected to trigger stronger pullback of larger rally from 1.5853 to 1.6441, in case 1.6400 hurdle stays intact. Conversely, clear break above 1.6400 barrier is required to sideline immediate downside risk and allow for stronger bounce.

    Res: 1.6400; 1.6435; 1.6441; 1.6500
    Sup: 1.6350; 1.6320; 1.6290; 1.6239



    The pair returned to strength, after last week’s weakness found support at 101.60 and subsequent bounce higher that accelerated last Friday, cracked 103.00 barrier, on extension to 103.21 so far. Immediate target lies at 103.36, 03/12 high, regain of which to complete 103.36/101.60 corrective phase and signal resumption of larger uptrend towards key short-term barrier and target at 103.72, 22/05 yearly high. Positive near-term studies support the notion, however, hesitation on approach to initial barrier at 103.36, could be seen on overbought hourly conditions. Session low at 102.87, reinforced by 20DMA, offers immediate support, ahead of102.59, Fibonacci 38.2% of 101.60/103.21 upleg / 4-hour 55DMA and 102.41, 50% retracement / 05/12 previous high, while extension below 102.00 will be bearish.

    Res: 103.21; 103.36; 103.72; 104.00
    Sup: 102.87; 102.59; 102.41, 102.22



    The pair remains in near-term corrective phase off fresh lows at 0.9000 zone which was dented on Friday’s post-data spike lower to 0.8988. The price, however, returned to its steady ascend mode and posted fresh high at 0.9128, following gap-higher opening and clearance of psychological 0.9100 barrier. Hourly studies maintain positive tone, while on the other side, 4-hour structure is still weak and lacks momentum for eventual push through key near-term barriers at 0.9145/69, as the price reverses under 0.9100 handle. Failure to regain 0.9145/69, 03/02 / 12 peaks, would keep the downside risk in play, as a part of larger downtrend, with further consolidation above 0.9000 support, seen preceding fresh weakness towards short-term targets and key supports at 0.8891/46. Alternatively, rally through 0.9145/69 and psychological 0.9200 barrier, is required to confirm near-term base and spark stronger recovery.

    Res: 0.9100; 0.9128; 0.9145; 0.9169
    Sup: 0.9069; 0.9058; 0.8997; 0.8988


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