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

Discussion in 'Major Currency Pairs' started by WindsorBrokers, Dec 12, 2013.

  1. WindsorBrokers

    WindsorBrokers Content Contributor

    Feb 18, 2010
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    The Euro maintains positive tone and cracked psychological 1.38 barrier, opening way towards key target at 1.3831, 25/10 year-to-date high. Technicals on the lower timeframes are positive, with overbought reading on 4-hour chart and 10DMA at 1.3770 offering immediate support and holding for now consolidation below fresh high at 1.3809. Next support lies at 1.3740, overnight low and yesterday’s intraday low, with further easing to ideally find footstep at 1.3700, Fibonacci 38.2% retracement of 1.3527/1.3809 upleg. Extension above 1.3831 barrier to open 1.3852, Fibonacci 161.8% expansion of the wave from 1.3398 and psychological 1.3900 barrier in extension.

    Res: 1.3796; 1.3809; 1.3831; 1.3852
    Sup: 1.3770; 1.3740; 1.3700; 1.3668



    Cable lost traction after price accelerated below initial supports at 1.6420/00, extending corrective pullback from 1.6466 peak to 1.6340 zone, near 76.4% retracement of 1.6290/1.6449 upleg. Negative tone prevails on hourly chart, however, 4-hour picture shows bulls still in play, as 55DMA protects the downside for now. Increased downside risk would be seen in case of losing key near-term support at 1.6300 zone, otherwise, further consolidation, with tone skewed towards the upside, is seen as likely near-term scenario. Break above 1.6400/20 barriers is required to confirm.

    Res: 1.6400; 1.6420; 1.6456; 1.6466
    Sup: 1.6351; 1.6337; 1.6322; 1.6290



    The pair extended pullback from 130.38 peak, where strong rally from 101.60 was capped, with dips extending to 102.14 so far, keeping important 102.00 support intact for now. The price remains in near-term range between 101.60 and 103.38, holding above its midpoint, as fresh strength off 102.14, improves hourly structure. However, weak 4-hour conditions require break above psychological 103.00 barrier, to shift focus higher. Break of either boundary of the range to define near-term direction. Overall bullish picture keeps the upside favored for now, with clearance of 103.38 to open key barrier at 103.72. Only loss of 101.60 higher low, would weaken near-term structure and signal double-top formation that may result in stronger pullback in the near-term.

    Res: 102.94; 103.20; 103.38; 103.72
    Sup: 102.45; 102.14; 102.00; 101.60



    The pair failed to capitalize on extension to 0.9165, as the resistance capped bulls and subsequent fall erased the biggest part of recovery rally from 0.8988 to 0.9165 on a fall to 0.9009. Weak near term studies keep the downside under pressure, as break below 0.9000 base would trigger fresh extension of larger downtrend for final attempt at key supports at 0.8891/46. Bears, however, may be delayed for corrective rally on oversold hourly studies, with gains to be limited and ideally capped at 0.9100, round figure / Fibonacci 61.8% of 0.9165/0.9009 descend.

    Res: 0.9069; 0.9087; 0.9105; 0.9128
    Sup: 0.9009; 0.8988; 0.8950; 0.8900


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