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 (07:45 GMT)

Discussion in 'Major Currency Pairs' started by WindsorBrokers, Jun 3, 2014.

  1. WindsorBrokers

    WindsorBrokers Content Contributor

    Feb 18, 2010
    Likes Received:

    The Euro’s near term price action is at the back foot after recovery attempt stalled at 1.3649, where 55SMA capped and fresh easing re-tested levels below 1.36 handle, with consolidation under way. Negative near term tone keeps the downside at risk, despite 1.3585 low so far proving as solid support. To avert immediate bearish risk, break above 1.3649 high is required to signal hourly double-bottom formation and trigger stronger recovery towards the next pivot at 1.3667 and possibly retest of key 1.3730 resistance and breakpoint, above which to bring bulls fully in play. Otherwise, 1.3561, 12 Feb low and 1.3519, Fibonacci 38.2% of larger 1.2754.1.3992 rally, would remain as near-term targets, once the price loses 1.3585 temporary base.

    Res: 1.3635; 1.3649; 1.3667; 1.3687
    Sup: 1.3585; 1.3561; 1.3519; 1.3500



    Cable remains under pressure, with near-term price action in consolidative mode, after corrective attempt off fresh low at 1.6691, ran out of steam at 1.6776, Fibonacci 38.2% retracement of 1.6880/1.6691 descend, reinforced by 55SMA. Failure to break here and psychological 1.6800 barrier, which would open bear-trendline resistance at 1.6850, would fail to complete Morning Star pattern formation and risk fresh weakness as hourly studies are neutral , while larger timeframes studies maintain negative tone. Push below 1.6691 to confirm bearish resumption and open 1.6667, Fibonacci 61.8% / 100SMA next and psychological 1.66 support in extension.

    Res: 1.6760; 1.6776; 1.6800; 1.6835
    Sup: 1.6723; 1.6703; 1.6691; 1.6667



    The pair eventually broke above 102.13 and 102.35 barriers, on a fresh strength that so far tested 76.4% retracement of 103.01/100.81 descend at 102.46. This opens way for final push towards the next pivot at 103 zone, also short-term range top. However, corrective action is likely to precede fresh attempts higher as near-term studies are overbought. Ideal support lies at 102 zone, Fibonacci 38.2% retracement of 101.41/102.46 rally, reinforced by 55SMA and should contain corrective dips. Otherwise, weakness below here and yesterday’s low/ daily 20Sma at 101.74, will be bearish.

    Res: 102.49; 102.78; 103.01; 103.75
    Sup: 102.13; 102.00; 101.74; 101.41



    The pair came under pressure and fell to 0.9228, ahead of corrective bounce. However, near-term structure remains weak and would risk fresh weakness and return to 0.92 base, once corrective phase is over. To maintain negative scenario, lower to should be left under 0.9291, Fibonacci 61.8% of 0.9330/0.9228 descend and psychological 0.93 barrier. Break below 0.92 handle to open 0.9179, 200SMA and 0.9154, daily cloud base in extension. Conversely regain of 0.93 barrier would delay, while rally through 0.9330 is required to provide relief and signal an extension of corrective phase off 0.92 base.

    Res: 0.9279; 0.9291; 0.9312; 0.9330
    Sup: 0.9259; 0.9228; 0.9207; 0.9177


Share This Page