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

Discussion in 'Major Currency Pairs' started by WindsorBrokers, Feb 4, 2014.

  1. WindsorBrokers

    WindsorBrokers Content Contributor

    Feb 18, 2010
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    The Euro trades in near-term corrective phase, off fresh low at 1.3475, where the basing attempt is under way. Positive hourly structure, improved on regain and close above 1.35 handle sees potential for further upside, as the price attempts above yesterday’s highs at 1.3534. Extension to last Friday’s high at 1.3572, also Fibonacci 38.2% of 1.3738/1.3475 descend, is required to confirm near-term bottom and open way for further recovery, however, limited upside action is seen on negative larger timeframes studies. Strong barrier at 1.3 zone, 50% retracement / daily cloud base / Tenkan-sen line, reinforced by daily 20 and 100SMA’s, is seen capping upside attempts for now. On the downside, first support lies at 1.3503, ahead of more significant 1.3475 platform, loss of which to signal resumption of bear-leg from 1.3738 and open 1.3457, Fibonacci 38.2% of 1.2754/1.3892; 1.3435, Fibonacci 76.4% of 1.3294/1.3738 upleg and psychological / higher platform support at 1.3400.

    Res: 1.3540; 1.3572; 1.3600; 1.3638
    Sup: 1.3503; 1.3475; 1.3457; 1.3435



    Cable remains under strong, as fresh acceleration through psychological 1.64 support, eventually broke below key near-term support and higher low at 1.6307, completing 1.6307/1.6668 bull-leg. Loss of pivotal 1.6307 support, signals further correction of larger 1.5853/1.6668 rally, as the fall cracked 50% retracement at 1.6262, with next targets standing at: 1.6236, 100SMA; 1.6215, daily cloud base; 1.6200, round figure and 1.6164, Fibonacci 61.8% retracement. Overall bearish tone keeps downside firmly in focus, with weakness to be interrupted by corrective rallies on oversold near-term technicals. Previous low at 1.6307 offers initial resistance, ahead of 1.6365, yesterday’s intraday high, with 1.6400 zone, also Fibonacci 38.2% of 1.6623/1.6255 downleg, expected to limit upside attempts.

    Res: 1.6315; 1.6365; 1.6400; 1.6440
    Sup: 1.6255; 1.6236; 1.6215; 1.6200



    The pair came under increased pressure after recovery attempts were capped under 103 barrier and fresh acceleration lower broke below near-term base at 101.75. Fresh bears took out another strong support at 101, 50% retracement of 96.55/105.43 ascend and daily 100SMA, on extension to 100.74 so far. Near-term consolidative phase is under way, with limited upside action seen on overall negative picture. Previous lows at 101.75/83, along with psychological 102.00 barrier, offer solid resistance and should ideally cap recovery rallies, before fresh leg lower. Extension below 100.74 is expected to open psychological 100 support, reinforced by 200SMA.

    Res: 101.37; 101.57; 101.75; 102.00
    Sup: 100.74; 100.72; 100.00; 99.56



    The pair eventually broke above one week congestion tops at 0.8820 zone, with acceleration higher, clearing another important barrier at 0.8886, 22 Jan lower top and cracking psychological 0.89 barrier. Near-term technicals turned positive on a rally and see scope for further recovery, as the pair has established fresh direction after being congested within 0.8700/0.8820 rage. Immediate target lies at 0.8921, Fibonacci 61.8% retracement of 0.9084/0.8658 downleg, ahead of 0.8983, Fibonacci 76.4% retracement and psychological 0.9000 barrier, also 03 Jan high, seen in extension. Overbought hourly conditions, however, suggest consolidative/corrective action preceding fresh push higher, with previous range tops at 0.8820 zone, expected to contain.

    Res: 0.8913; 0.8921; 0.8983; 0.9000
    Sup: 0.8860; 0.8824; 0.8800; 0.8770


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