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

Discussion in 'Major Currency Pairs' started by WindsorBrokers, Jul 15, 2014.

  1. WindsorBrokers

    WindsorBrokers Content Contributor

    Feb 18, 2010
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    The Euro failed to sustain gains off 1.3585 base, after recovery rally stalled at 1.3639 and subsequent easing returned to 1.36 support zone. With near-term studies losing traction, downside risk increases, as loss of 1.36 handle to expose key supports at 1.3585 higher base and low of 07 July at 1.3574. Completion of 1.3574/1.3639 corrective phase to signal resumption of larger descends off 1.3699, 01 July peak and possibly open key short-term support and base at 1.35 zone. On the other side, ability to hold above 1.3585, would signal prolonged consolidation, while establishment of an upside direction requires fresh stretch and regain of 1.3639/49 barriers.

    Res: 1.3625; 1.3639; 1.3649; 1.3699
    Sup: 1.3600; 1.3585; 1.3574; 1.3559



    Cable lost bullish momentum and penetrated below initial 1.71 support and previous consolidation floor. This signals stronger corrective action, off fresh high at 1.7175, with previous top at 1.7061, being tested so far, as the pair aims towards the next target and psychological support at 1.7000. Negative near-term technicals support further easing, as reversal pattern is forming on a daily chart. Corrective rallies to face initial resistances at 1.7088/1.7100 zone, with extended rallies, to be contained by 1.7150 zone.

    Res: 1.7088; 1.7100; 1.7120; 1.7134
    Sup: 1.7049; 1.7000; 1.6950; 1.6937



    The pair moves higher, on near-term corrective rally off fresh low at 101.05, posted on 05 July. Fresh extension higher so far retraced nearly 50% of 102.25/101.05 descend, with positive hourly studies being supportive. However, 4-hour technicals are still weak and require regain of pivotal 101.85/102 barriers to confirm recovery. Otherwise, lower top formation and fresh weakness, in case of stall under 101.85, reinforced by 20/200 death cross, would remain on the table, as overall picture remains bearish and sees potential for final push towards key supports and short-term congestion floor levels at 100.81/74, loss of which to resume larger downtrend off 105.43, 2013 annual high.

    Res: 101.65; 101.85; 102.00; 102.25
    Sup: 101.51; 101.20; 101.05; 100.80



    The pair trades in near-term consolidative mode, with price action holding near the lower consolidation boundary at 0.9359, where acceleration from 0.9454 spike high, found temporary support. Near-term technicals are losing neutral bias, which requires confirmation on a break below 0.9359 handle, to bring bears back in play for return to 0.9320 breakpoint. Alternatively, holding above current supports, will keep the pair in extended consolidative mode, while lift above 0.9454 barrier is required to confirm bullish resumption, for eventual attack at key 0.9503 peak.

    Res: 0.9407; 0.9429; 0.9454; 0.9503
    Sup: 0.9359; 0.9339; 0.9327; 0.9320


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