1. This site uses cookies. By continuing to use this site, you are agreeing to our use of cookies. Learn More.

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

Discussion in 'Major Currency Pairs' started by WindsorBrokers, Feb 11, 2014.

  1. WindsorBrokers

    WindsorBrokers Content Contributor

    Feb 18, 2010
    Likes Received:

    The Euro’s corrective phase off 1.3480 base rides on the third wave that commenced from 1.3550 and reached nearly 100% Fibonacci expansion, on fresh extension to 1.3677. The wave could travel to 1.3738, 24 Jan peak, also its 138.2% expansion, once the price clears initial 1.3685 resistance, lover platform of 28/29 Jan / Fibonacci 100% expansion. Positive near-term technicals support the notion, however, overbought conditions on lower timeframes, see corrective action before fresh push higher. Initial supports at 1.3620, yesterday’s higher platform and 1.3600, Fibonacci 38.2% of 1.3482/1.3677 rally, should ideally keep the downside protected, as 20/55 SMA’s bullish cross at 1.3575 underpins.

    Res: 1.3680; 1.3700; 1.3738; 1.3800
    Sup: 1.3620; 1.3600; 1.3580; 1.3550



    Cable’s near-term structure remains positive but the price lack momentum for sustained break above 1.64 handle, as near-term price action stays congested within 1.6380/1.6433 range. The upside is for now capped by daily Ichimoku cloud top / Tenkan-sen line and 20SMA, while hourly 55SMA protects the downside. Lift above initial 1.6433 hurdle is required to confirm resumption of bull-leg from 1.6250 base and open 1.6459, 50% of 1.6623/1.6250, with psychological 1.6500 hurdle, also Fibonacci 61.8%, seen in extension. Slide under 1.6380 base, would delay, while extension below 1.6350, previous consolidation top, would neutralize near-term bulls.

    Res: 1.6433; 1.6459; 1.6500; 1.6524
    Sup: 1.6380; 1.6363; 1.6350; 1.6320



    The pair remains steady as extension of corrective phase off 100.74, peaked at 102.63, above 38.2% retracement of 105.43/100.74 descend, with subsequent consolidation under way. Corrective dips were so far contained at psychological 102.00 support, reinforced by 4-hour 20SMA, with near-term price action moving within 102.00/40 range. Hourly studies are neutral, while positive tone prevails on 4-hour chart and keeps near-term focus at the upside. Fresh strength through 102.63 to open 102.92/103.09, 31 Jan lower top / Fibonacci 50% of 105.43/100.74, with regain of key 103.43 lower top of 29 Jan, required to complete 103.43/100.74 descend and confirm bottom at 100.74, for stronger recovery. Otherwise, loss of 102.00 handle and next significant support at 101.75, would soften near-term tone and risk further easing.

    Res: 102.39; 102.63; 102.92; 103.09
    Sup: 102.00; 101.75; 101.50; 101.00



    The pair resumes rally from 0.8658 low, as completion of near-term consolidative phase resulted in break above psychological 0.9000 barrier. This open way for extension towards key near-term barrier at 0.9084, 13 Jan peak / near Fibonacci 38.2% retracement of 0.9755/0.8658, to complete 0.9084/0.8658 bear-phase and confirm near-term base for further retracement of multi-month descend from 0.9755 to 0.8658. Positive near-term studies remain supportive for such scenario, however, corrective action on overbought conditions is likely to precede final push to 0.9084 target. Initial support lies at 0.8900 higher platform, ahead of 0.8870, which should not be exceeded in case of stronger pullback.

    Res: 0.9056; 0.9084; 0.9100; 0.9165
    Sup: 0.9000; 0.8940; 0.8900; 0.8870


Share This Page