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

Discussion in 'Major Currency Pairs' started by WindsorBrokers, Feb 26, 2014.

  1. WindsorBrokers

    WindsorBrokers Content Contributor

    Feb 18, 2010
    Likes Received:

    The Euro remains unchanged, as near-term price action holds within 1.3700/70 range, trading in directionless mode. Consolidation is expected to precede fresh leg higher, as overall tone remains positive, as the price moves along with bull-trendline drawn off 1.3482 low. Formation of bullish pennant is shown on 4-hour chart, with break above recent congestion tops and trendline resistance, required to complete the pattern and open next targets at 1.3800/30. Trendline support lies at 1.3726, ahead of breakpoints at 1.3700/85, loss of which will be bearish.

    Res: 1.3772; 1.3800; 1.3815; 1.3831
    Sup: 1.3726; 1.3700; 1.3685; 1.3661



    Cable improved near-term structure on extension of recovery rally from fresh low at 1.6582, which cracked psychological 1.6700 barrier and peaked at 1.6725, where the pair ran out of steam. Stall ahead of 1.6740 breakpoint and subsequent pullback to 1.6660, where the price attempts to stabilize above hourly 55SMA, keeps the downside risk in play, as hourly studies are losing momentum. Slide below 1.660 and yesterday’s spike low at 1.6640, would bring important 1.66 support in near-term focus, with violation of the latter to signal fresh extension of pullback from 1.6821 peak. Conversely, attempt to build near-term base, requires bounce through 1.6700 barrier to avert immediate downside risk and open 1.6725/40 hurdles for test. Studies on 4-hour chart are in neutral mode, with break of either side, required to define near-term direction.

    Res: 1.6700; 1.6725; 1.6740; 1.6800
    Sup: 1.6660; 1.6640; 1.6600; 1.6582



    Near-term price action is at the back foot, as reversal from 102.82, 21 Feb peak, extended and cracked psychological / trendline support at 102 zone. Hourly studies are improving, as bounce from fresh low at 101.99 reached mid-point of 102.82/101.99 descend at 102.40, however, regain of lower platform at 102.60 is required to confirm reversal and bottom formation. Otherwise, risk of renewed attempt lower and clear break below 102 handle would further weaken near-term structure and open lower boundaries of two-week range, also daily cloud base, for test.

    Res: 102.40; 102.61; 102.82; 103.09
    Sup: 102.24; 102.00; 101.57; 101.37



    The pair shows no significant changes, as near-term price action remains within 0.8935/0.9079 range, with the price holding at the upper part of the range, following yesterday’s dip to 0.8967 and quick recovery that attempts to stabilize above 0.9000 handle. Hourly technicals are still weak, with downside risk remaining in play. Loss of 0.9000 handle to shift near-term focus towards the lower limits, with 50% and 61.8% retracement levels of 0.8937/0.9048 rally at 0.8993 and 0.8979, seen as next supports, ahead of yesterday’s spike low at 0.8967, loss of which to re-open range floor at 0.8935. On the upside, pivotal resistance lies at 0.9048, clearance of which to expose recent peak and range top at 0.9079.

    Res: 0.9024; 0.9048; 0.9079; 0.9100
    Sup: 0.9000; 0.8979; 0.8967; 0.8935


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