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

Discussion in 'Major Currency Pairs' started by WindsorBrokers, May 28, 2014.

  1. WindsorBrokers

    WindsorBrokers Content Contributor

    Feb 18, 2010
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    The Euro remains under pressure and returns to the levels near 1.36 support, following brief corrective attempt, which was capped under 1.3670, previous break point, with marginally lower low being posted at 1.3611. Near-term technicals are negative and favor further downside, with break below 1.36 handle to open the next targets at 1.3561, 12 Feb higher low; 1.3519, 38.2% retracement of larger 1.2754/1.3992 ascend and psychological 1.35 support, in extension. Alternative scenario, from the other side, requires confirmation of reversal, signaled by yesterday’s outside day candle, by close above initial 1.3667, recovery peak and 1.3672, Fibonacci 38.2% retracement of 1.3733/1.3611 downleg, to revive bulls and signal double-bottom formation. Extension above 1.3733 lower platform to confirm near-term base and open way for stronger recovery.

    Res: 1.3637; 1.3670; 1.3687; 1.3733
    Sup: 1.3625; 1.3611; 1.3600; 1.3561



    Cable came under pressure yesterday, after leaving lower top at 1.6880 and fresh acceleration through bull-trendline support at 1.6835, which retraced over 76.4% of 1.6730/1.6919 upleg. Near-term indicators are in the negative territory that keeps risk of full retracement of 1.6730/1.6919 rally and resumption of larger descend from 1.6917, on penetration of 1.6730 higher low. Fresh weakness below 1.6795, main bull-trendline, drawn off 1.6464, 24 Mar low and previous low at 1.6780, confirms the scenario, as daily studies are building up bearish momentum and being supportive.

    Res: 1.6813; 1.6832; 1.6880; 1.6902
    Sup: 1.6752; 1.6730; 1.6700; 1.6667



    The pair remains supported and posted fresh high at 102.13, with consolidative action under way, before fresh attempt higher. Consolidation low at 101.70 zone, reinforced by 20/55SMA’s bullish cross, is expected to hold and maintain positive structure, formed on 4-hour chart, to fulfill minimum requirement for bullish resumption on a break above 102.35, 13May lower top / daily cloud base. Otherwise risk of lower top forming under 102.35, would remain in play, as daily studies hold negative tone and overall price action being capped by 100SMA, which reinforces 102.35 barrier.

    Res: 102.04; 102.13; 102.35; 102.49
    Sup: 101.70; 101.63; 101.31; 101.10



    The pair holds near recovery highs, but fresh extension higher, seen yesterday, failed to break above initial barriers at 0.9272, recovery high and 0.9283, Fibonacci 38.2% retracement of 0.9407/ 0.9207 descend. Near-term studies remain positively aligned and supportive for further gains through 0.9283/0.9300 barriers, to re-confirm 0.9200 base and bring bulls back in play for further retracement of 0.9407/0.9207 fall. Break higher to open psychological 0.93 barrier, also 50% retracement and daily cloud base and 0.9330, previous consolidation range floor and 61.8% retracement. Conversely, slide below 0.9230, recent lows, to bring bears back in play and re-focus 0.92 support.

    Res: 0.9276; 0.9283; 0.9300; 0.9330
    Sup: 0.9250; 0.9230; 0.9200; 0.9172


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