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

Discussion in 'Major Currency Pairs' started by WindsorBrokers, Jun 17, 2014.

  1. WindsorBrokers

    WindsorBrokers Content Contributor

    Feb 18, 2010
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    The Euro continues to move in consolidative mode above fresh lows at1.35 zone, with near-term structure showing slight improvement, as fresh strength tested the first layer of resistances at 1.3577/85, 38.2% of 1.3676/1.3511 / former lower base / daily Tenkan-sen line. Improved near-term conditions still require sustained break and daily close above 1.36 barrier to exit the current range and signal stronger rebound towards 1.3676/88, 06 June lower top / 38.2% retracement of 1.3992/1.3501 descend, level that marks the first breakpoint. Otherwise, further sideways movements would be expected in case the price action stays capped under 1.36 handle, with downside risk to remain in play as overall picture is bearish. Loss of 1.35 base to open the downside break point at 1.3475, 03 Feb higher low / main bull-trendline off 1.2042 low.

    Res: 1.3587; 1.3600; 1.3645; 1.3676
    Sup: 1.3555; 1.3529; 1.3511; 1.3501



    Cable remains supported and consolidates within narrow range, recent strength which eventually cracked 1.7000 barrier, on acceleration from 1.6736 higher low. Overall positive picture favors fresh phase higher, once the pair clearly breaks 1.70 barrier, with immediate target at 1.7041, Aug 2009 peak. However, extended consolidative action under 1.70 handle is seen likely near-term scenario, as condition on 4-hour chart are overbought. Previous peaks at 1.6917/19, along with psychological/ Fibonacci 38.2% retracement 1.69 support, are seen as ideal points to contain corrective dips.

    Res: 1.7009; 1.7041; 1.7100; 1.7150
    Sup: 1.6950; 1.6919; 1.6900; 1.6844



    Near-term price action extended pullback off fresh high at 102.78 below pivotal 102.10/00 support zone, to find temporary support at 101.59, near Fibonacci 61.8% of 100.81/102.78 upleg and 200SMA. Triangular consolidation is under way, with hourly studies improving but 4-hour picture still holding negative tone. Unless the price clears 112.12, current consolidation tops, which would allow for stronger bounce, risk of re-visiting 101.59/41 low and extension towards 101.00 and 101.81/74, would remain in play.

    Res: 102.12; 102.41; 102.63; 102.78
    Sup: 101.70; 101.59; 101.41; 101.20



    The pair lost traction and fell to 0.9349, previous low / Fibonacci 38.2% retracement of 0.09209/0.9437, after forming hourly Head and Shoulders pattern. This could be signal of more significant reversal in case the price slides below 0.9349 and attempts below 0.9313, daily cloud top psychological 0.930 support. Negative hourlies and 4-hour indicators attempting below the midlines, support such scenario. However, bullish daily tools see the action limited so far, as larger picture shows the price action entrenched within broader 0.9200/0.9437 range and still holding near-the upper range’s boundary.

    Res: 0.9400; 0.9437; 0.9460; 0.9500
    Sup: 0.9349; 0.9323; 0.9300; 0.9261


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