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Windsor Brokers - Short Term Technical Analysis for Majors (07:45 GMT)

Discussion in 'Major Currency Pairs' started by WindsorBrokers, Mar 24, 2014.

  1. WindsorBrokers

    WindsorBrokers Content Contributor

    Feb 18, 2010
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    The Euro ended week in red after rallying for six consecutive weeks, trading in corrective phase off fresh 4 ½ month high at 1.3965. The pullback found temporary footstep at 1.3748, with consolidative action so far being capped by hourly 55SMA / daily Kijun-sen line at 1.38 zone, also near 38.2% Fibonacci retracement of 1.3923/1.3748 fall. Hourly studies are gaining traction, however, limited upside action is seen for now, as 4-hour structure remain negative, with 1.3840/50 zone, lower top of 20 Mar and Fibonacci 61.8%, expected to ideally cap, before fresh leg lower commences. Extension below 1.3748 to open 1.3720, double Fibonacci / 04/06 Mar higher platform and psychological 1.3700 support in extension. Alternatively, fresh strength through 1.3850 and regain of 1.39 handle, would bring bulls back in play and signal an end of corrective phase, with 1.3965 peak and short-term target at 1.4000, expected to come in near-term focus.

    Res: 1.3809; 1.3840; 1.3856; 1.3882
    Sup: 1.3785; 1.3764; 1.3748; 1.3720



    Cable remains under pressure, with Friday’s close under psychological 1.65 barrier and the second week’s close in red, confirming negative structure and seeing risk of further weakness. Last Friday / overnight lows at 1.6470, also Fibonacci 61.8% retracement of 1.6250/1.6821 upleg, where the pair attempts to consolidate, are coming under pressure, as near-term studies maintain negative tone. Break here to open next target at 1.6451, Fibonacci 38.2% retracement of larger 1.5853/1.6821 ascend, 100SMA at 1.6417 psychological 1.6400 support in extension. On the upside, consolidation top at 1.6517, offers initial resistance, with 20 mar lower top at 1.6466 coming next and any stronger rally expected to be capped at 1.66 zone, near 38.2% of 1.6784/1.6471 downleg.

    Res: 1.6517; 1.6543; 1.6566; 1.6600
    Sup: 1.6471; 1.6451; 1.6400; 1.6385



    Near-term price action remains supported, as corrective pullback off recovery high at 102.67, was contained at 102 handle, also 4-hour 20/55 SMA’s bull-cross and fresh strength attempts at 102.67 peak, reinforced by daily 55SMA. Positive near-term studies keep the upside favored, with break above 102.67 to open 103 barrier, psychological resistance, reinforced by daily cloud top, ahead of key near-term resistance at 103.75, 07 Mar peak. Conversely, increased downside risk could be expected in case of violation of 102 handle.

    Res: 102.67; 102.80; 103.09; 103.42
    Sup: 102.35; 102.00; 101.80; 101.50



    The pair trades within 0.9047 and 0.91 range, following overnight’s 0.90101/0.9047 pullback and bounce higher. Psychological 0.91 barrier is under pressure, with positive near-term studies favoring break higher to resume near-term recovery phase off 0.8994, 20 Mar higher low and open key barriers and congestion tops at 0.9132/37, reinforced by 200SMA. Break here is required to signal resumption of larger uptrend from 0.8889 and open 0.9135, 10 Dec 2013 peak and 0.9206, 50% retracement of 0.9755/0.8658 descend. Strong support and higher base at 0.9000 should keep the downside protected to keep near-term bulls in play.

    Res: 0.9100; 0.9137; 0.9165; 0.9206
    Sup: 0.9047; 0.9000; 0.8975; 0.8935


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