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

Discussion in 'Major Currency Pairs' started by WindsorBrokers, Jan 28, 2014.

  1. WindsorBrokers

    WindsorBrokers Content Contributor

    Feb 18, 2010
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    The Euro remains in near-term sideways mode under 1.37 barrier that so far offers solid resistance and keeps the upside capped. Hourly structure is neutral, while positive tone prevails on 4-hour chart, keeping the upside favored. With the downside being protected at lowered range floor at 1.3652, near 38.2% retracement of 1.3529/1.3738 and price action underpinned by hourly 55DMA / 4-hour 20DMA / daily cloud top, fresh attacks at 1.37 hurdle will remain in play. Otherwise, further easing below 1.3652 would delay bulls for deeper correction, with 1.36 zone, Fibonacci 61.8% retracement, required to hold. Break above 1.37 and spike high at 1.3615/38, to resume larger rally off 1.3506 and expose 1.38 resistance zone.

    Res: 1.3687; 1.3700; 1.3715; 1.3738
    Sup: 1.3665; 1.3652; 1.3634; 1.3600



    Cable regained positive tone on extension of bounce from 1.6472, yesterday’s fresh low, as regain of 1.66 handle brought hourly bulls back in play. With 4-hour structure being positive, near-term focus remains at fresh peak at 1.6668. Corrective action, however, is expected to precede fresh rally, with good support at 1.6565, higher platform and 38.2% of 1.6472/1.6623 upleg, reinforced by 55DMA and seen as ideal reversal point. Downside risk would increase in case of stronger reversal and violation of 1.6530, Fibonacci 61.8% retracement and 1.6515, previous high of 10 Jan.

    Res: 1.6623; 1.6642; 1.6668; 1.6700
    Sup: 1.6587; 1.6565; 1.6530; 1.6515



    The pair holds in near-term corrective phase off fresh low at 101.75, following two-legged descend from 104.83, 23 Jan lower top. Overall negative tone, established after repeated rejections at 105 hurdle and acceleration lower, keep the downside favored in the near-term, with fresh leg lower seen on a completion of corrective rally. Crack of initial 102.70 resistance, opens more significant 103.00 barrier, Fibonacci 38.2% of 104.83/101.75 descend, reinforced by hourly 55DMA and pivotal 103.57, 24 Jan lower top / near 61.8% retracement, where rallies should be ideally capped. Otherwise, break here would sideline near-term bears and shift focus higher. Initial support lies at 102.50, daily cloud top, ahead of 102.15 higher low and 101.75 low, loss of which to confirm bearish resumption and expose immediate target at 101.60, 06 Dec low.

    Res: 103.16; 103.29; 103.57; 104.00
    Sup: 102.50; 102.18; 101.75; 101.60



    The pair regained ground following last week losses, as extension of corrective rally from fresh low at 0.8658, broke above previous base at 0.8755 and cracked psychological 0.8800 barrier, also Fibonacci 61.8% of 0.8886/0.8658 descend, reinforced by 4-hour 55DMA. Positive hourly conditions see potential for further upside, however, weak 4-hour structure, keeps the downside risk in play while barriers at 0.8800/30 stay intact. Clear break here to confirm recovery and open key near-term barrier and breakpoint at 0.8886, 22 Jan high. Alternatively, lower top formation under the latter and fresh leg lower, would be likely near-term scenario.

    Res: 0.8832; 0.8886; 0.8921; 0.8950
    Sup: 0.8750; 0.8700; 0.8676; 0.8658


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