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

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

  1. WindsorBrokers

    WindsorBrokers Content Contributor

    Feb 18, 2010
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    The Euro remains directionless in the near-term, with price action holding within 100-pips range. Near-term basing attempt appears on repeated downside rejection at 1.3748, which proves to be solid support and subsequent strong bounce above 1.38 barrier that keeps the downside intact for now. However, regain of initial 1.3846 and more significant 1.3867 barrier, 24 Mar peak, is required to confirm near-term base and higher low of larger uptrend from 1.3475 and shift focus towards psychological 1.3900 barrier, 1.3940 lower platform and key 1.3965 resistance, peak of 13 Mar. Hourly studies are neutral, while mixed 4-hour tone requires improvement on a break above 1.3833, 55SMA and 1.3846, yesterday’s highs. Daily bulls are losing momentum and would keep the downside at risk while broken bull-channel trendline at 1.3850, caps upside attempts.

    Res: 1.3846; 1.3867; 1.3900; 1.3940
    Sup: 1.3800; 1.3759; 1.3748; 1.3720



    Cable trades in near-term consolidative mode off fresh low at 1.6464, posted on 24 Mar. Recovery attempts were so far capped by descending 4-hour 55SMA at 1.6548 and Fibonacci 23.6% retracement of 1.6784/1.6464 downleg. With positive hourly studies, fresh upside remain in play, however, still weak 4-hour studies see the action limited for now. Break above initial 1.6548 barrier and the first pivot, is required to open 1.6586, Fibonacci 38.2% and psychological 1.66 hurdle, above which to confirm near-term bulls. Otherwise, extended consolidation phase would precede fresh leg lower, as larger picture remains bearish and favors further extension of near-term downtrend from 1.6821, 17 Feb peak. Loss of 1.6464 handle to open targets at 1.6429, 100SMA and psychological 1.6400 support.

    Res: 1.6548; 1.6566; 1.6586; 1.6600
    Sup: 1.6500; 1.6480; 1.6464; 1.6429



    The pair is near-term neutral mode, with price being entrenched within narrow range and trading in sideways mode. Hourly studies are flat, while 4-hour chart technicals are positively aligned.. Slide below 102 handle, mid-point of 101.29/102.67 upleg and 101.80, 61.8% retracement, would signal further weakness and risk return to 101.20 base. On the upside, clearance of initial barrier at 102.47 and range ceiling at 102.67, as well as Fibonacci 61.8% of 103.75/101.19 at 102.77, is required to confirm bullish resumption towards 103.00 and 103.42/75 in extension.

    Res: 102.47; 102.67; 102.77; 103.15
    Sup: 102.00; 101.80; 101.50; 101.20



    The pair maintains positive near-term tone and continues to post new yearly highs, after break above 0.9132/37 congestion tops cleared psychological 0.9200 barrier. This also marks 50% retracement of larger descend from 0.9755, peak of 23 Oct 2013 to 0.8658, 24 Jan 2014 low. The third wave which commenced from 0.8889, 03 Mar higher low, approaches its 76.4% Fibonacci expansion at 0.9214 and could extend to 0.9314, its 100% expansion. Positive near-term technicals favor further upside, however, bulls may be interrupted by corrective action, as studies are entering overbought territory. Immediate support lies at 0.9150, ahead of 0.9120 higher base and Fibonacci 38.2% retracement of 0.8994/0.9200 upleg, where dips should find solid support.

    Res: 0.9214; 0.9269; 0.9300; 0.9314
    Sup: 0.9150; 0.9120; 0.9100; 0.9075


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