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

Discussion in 'Major Currency Pairs' started by WindsorBrokers, Jun 10, 2014.

  1. WindsorBrokers

    WindsorBrokers Content Contributor

    Feb 18, 2010
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    The Euro’s recovery attempts off fresh low at 1.3502 remain limited under 1.37 resistance zone, Fibonacci 38.2% retracement of entire 1.3992/1.3502 descend. This keeps the first break point at 1.3730 lower platform intact for now, as overall picture stays bearish. Weaker near-term studies shift focus lower again, as the price returns to the previous base at 1.36 zone and reversal pattern forming on a daily chart, along with 20/200SMA death-cross, maintaining downside pressure. Daily close below 1.36 handle is required to confirm negative stance for repeated attack at 1.3500/1.3475 breakpoints, loss of which to confirm double-top formation and trigger stronger correction of one-year uptrend from 1.20 zone.

    Res: 1.3676; 1.3700; 1.3733; 1.3750
    Sup: 1.3580; 1.3561; 1.3502; 1.3475



    Cable consolidates recent gains on a recovery rally from 1.6691, trading in a sideways mode under fresh high at 1.6844. As the downside stays protected at 1.6770 zone, also 20/55SMA bull-cross and near-term studies are positively aligned, renewed attempts higher should be favored in the near-term. Break above 1.6844 high to resume recovery and open 1.6880 lower top, ahead of key hurdles at 1.6917/19. However, clearance of main bear-trendline at 1.6830 zone, is seen as minimum requirement to signal bullish resumption.

    Res: 1.6830; 1.6844; 1.6880; 1.6900
    Sup: 1.6782; 1.6767; 1.6749; 1.6725



    Near-term price action is losing ground as the pullback off fresh high at 102.78 extends lower and threatens key near-term support and pivotal point at 102.10. Hourly studies turned negative, while 4-hour indicators are at their midlines. Weakness below 102.10/00 supports, also 50% retracement of 101.41/102.78 upleg , to confirm reversal and allow for stronger correction. On the other side, overall bullish tone, keeps the upside favored, with 102 zone seen as ideal reversal point for fresh attempt at key 103 barrier and resumption of larger up-move from 100.81, 201 May low.

    Res: 102.63; 102.78; 103.01; 103.75
    Sup: 102.25; 102.10; 101.79; 101.41



    The pair's near-term structure remains positive, with the price action heading towards 0.94 barrier, on a rally from 0.92 base. Extension above the next impotent barrier at 0.9407, is required to confirm reversal and base formation at 0.92 zone, for eventual push to the key 0.9460 peak. Hesitation on approach to 0.9407 could not be ruled out, with 0.93 support area, seen as ideal reversal point, before fresh attempt higher.

    Res: 0.9374; 0.9407; 0.9460; 0.9500
    Sup: 0.9350; 0.9333; 0.9318; 0.9300


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