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

Discussion in 'Major Currency Pairs' started by WindsorBrokers, Jun 25, 2014.

  1. WindsorBrokers

    WindsorBrokers Content Contributor

    Feb 18, 2010
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    The Euro consolidates around 1.36 handle after yesterday’s repeated upside rejection and quick reversal to the levels below 1.36. Price action on hourly timeframe remains directionless and studies hold in neutral mode. However, positive tone persists on 4-hour chart, as the price remains above bull-trendline off 1.3511 low and bullish flag pattern is forming. Completion of the pattern requires lift above yesterday’s high at 1.3625 and more significant 1.3642, 19 June peak, to resume recovery from double-bottom at 1.35 zone and open key near-term barrier and pivotal point at 1.3676, 06 June high. Conversely, slide below higher low at 1.3563, also Fibonacci 61.8% retracement of 1.3511/1.3642 upleg, to revive bears and signal lower top formation at 1.3642.

    Res: 1.3626; 1.3642; 1.3676; 1.3700
    Sup: 1.3582; 1.3563; 1.3534; 1.3511



    Cable is at the back foot in the near-term, as yesterday’s acceleration below recent consolidation floor and psychological support at 1.7000, signaled possible deeper pullback. Near-term technical indicators are establishing in the negative territory and support further weakness. However, break below 1.6920, 18 June higher low / 21/22 May previous peaks and Fibonacci 38.2% of 1.6697/1.7061 upleg, as well as psychological 1.69 support, is required to confirm near-term bearish scenario. Daily studies, reversing from overbought territory, support the notion.

    Res: 1.7029; 1.7061; 1.7100; 1.7150
    Sup: 1.6919; 1.6900; 1.6836; 1.6800



    The pair remains at the back foot and returns to the levels close to 101.80 higher base, after repeated upside failure at 102.15. This keeps hourly structure weak and favoring fresh downside attempts towards layers of supports at 101.80/72/59, with break lower seen as a trigger for retest of larger 100.74/102.78 range floor. Negatively aligned 4-hour studies are supportive for such scenario, with clearance of recent peaks at 102.15/18, required to neutralize and open the upper targets instead.

    Res: 102.15; 102.18; 102.35; 102.78
    Sup: 101.80; 101.72; 101.59; 101.41



    The pair is losing traction as reversal from fresh high at 0.9443 broke below initial support at 0.9367 and so far tested 0.9352, Fibonacci 38.2% of 0.9209/0.9443 upleg. Weakened near-term studies see threat of attack at key near-term support and base at 0.9320, also 50% retracement, reinforced by daily 20/55SMA’s bull cross, loss of which to confirm daily double top formation and open middle/lower levels of larger 0.9460/0.9200 range. Otherwise, retest of initial 0.9443 barrier and eventual attempt at key 0.9460 resistance, could be expected on reversal above 0.9320 higher base.

    Res: 0.9367; 0.9400; 0.9429; 0.9460
    Sup: 0.9352; 0.9320; 0.9300; 0.9264


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