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

Discussion in 'Major Currency Pairs' started by WindsorBrokers, Jun 11, 2014.

  1. WindsorBrokers

    WindsorBrokers Content Contributor

    Feb 18, 2010
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    The Euro remains pressured and returns to 1.35 zone after recovery attempts off fresh low at 1.3502 stalled on approach to 1.37 resistance zone, Fibonacci 38.2% retracement of1.3992/1.3502 descend. This keeps the first break point at 1.3730 lower platform intact for now, as overall picture stays bearish. Weak near-term studies keep focus at the downside, as 20/200SMA death-cross, maintaining downside pressure. Continuation of bear-trend is seen on a break below 1.35 handle and 1.3475 higher low and pivotal support, as break lower will confirm double-top formation and trigger stronger correction of the uptrend from 1.20 zone. However, further consolidation above 1.35 support could be expected as near-term studies approach oversold territory.

    Res: 1.3556; 1.3600; 1.3620; 1.3667
    Sup: 1.3502; 1.3475; 1.3450; 1.3400



    Cable corrects recent gains on a recovery rally from 1.6691, with weakening near-term tone, seen on easing from fresh high at 1.6844, as recovery attempts were capped by main bear-trendline and the pullback extended below 61.8% retracement of 1.6697/1.6844 ascend. Further easing would threaten 1.67 base, with break here to signal extension on larger downmove off 1.6995 peak and open targets at 1.6666, Fibonacci 61.8% retracement and psychological 1.66 support in extension. The upside so far stays protected at 1.6820, trendline resistance and only penetration here and lower top at 1.6844, would sideline downside risk.

    Res: 1.6779; 1.6800; 1.6820; 1.6844
    Sup: 1.6736; 1.6700; 1.6666; 1.6600



    Near-term price action is losing ground as the pullback off fresh high at 102.78 extends lower and threatens for retest of key near-term support and pivotal point at 102.10. Hourly studies turned negative, while 4-hour indicators are breaking in the negative zone. 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: 102.41; 102.63; 102.78; 103.01
    Sup: 102.25; 102.10; 101.79; 101.41



    The pair's near-term structure remains positive, with the price action approaching 0.94 barrier, on a rally from 0.92 base. Extension above the next significant barrier at 0.9407, 14 May peak, 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 barrier cannot be ruled out, with corrective easing to be contained above 0.93 support area, before fresh attempt higher.

    Res: 0.9388; 0.9407; 0.9460; 0.9500
    Sup: 0.9362; 0.9330; 0.9318; 0.9300


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