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

Discussion in 'Major Currency Pairs' started by WindsorBrokers, Jul 22, 2014.

  1. WindsorBrokers

    WindsorBrokers Content Contributor

    Feb 18, 2010
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    The Euro continues to trade in consolidative mode above 1.35 base / main bull-trendline off 1.2042 low, strong support which was cracked last Friday, on a spike lower to 1.3489. The pair failed to sustain break and entered narrow–range sideways trade, after limited recovery attempt, being capped at 1.3547, Fibonacci 38.2% retracement of 1.3639/1.3489 downleg. Triple Doji candle confirms near-term indecision. Hourly studies are neutral, while 4-hour structure remains negatively aligned, suggesting further downside as favored scenario, on completion of limited corrective actions. Fresh leg lower requires clear break below 1.35 handle and 1.3475, 03 Feb low, to confirm bearish resumption and enter stronger correction of larger 1.2042, July 2012 low / 1.3992, May 2014 peak. Extended correction above 1.3547, to face strong barrier at 1.3575/85, former lows and Fibonacci 61.8% retracement of 1.3690/1.3489 descend, where rallies should be ideally capped, while break here would delay bears and open key lower tops at 1.3639/49, 14/10 July highs.

    Res: 1.3547; 1.3575; 1.3585; 1.3626
    Sup: 1.3512; 1.3502; 1.3489; 1.3475



    Cable holds negative near-term tone and consolidates losses off 1.7189 peak, which posted fresh low at 1.7034 on 18 July. Upside attempts stay so far limited at 1.71 barrier that keeps downmove off 1.7189 intact, for test of psychological 1.7000 support and deeper pullback, seen on sustained break lower. Near-term technicals are weak and support further descend. Alternatively, clear break above 1.71 handle to delay bears and confirm prolonged sideways movements.

    Res: 1.7100; 1.7115; 1.7148; 1.7166
    Sup: 1.7075; 1.7057; 1.7034; 1.7000



    The pair extends near-term recovery off 101.05, after leaving higher low at 101.22 and extending above previous high at 101.43. Rally retraced over 61.8% of 101.78/101.05 descend, seeing potential for attempt at the first pivot at 101.78, break of which to confirm double bottom formation and pen way for stronger recovery, which also requires lift above 101.85 lower top / 55/200SMA death-cross. Overbought hourly studies suggest a pause in current rally, with increased downside risk seen on extension below 101.35, 38.2% of 101.07/101.56 / 20/55SMa bull-cross. However, overall negative structure so far sees upside actions limited and downside favored, while 101.85/102.25 barriers stay intact.

    Res: 101.56; 101.78; 101.85; 102.00
    Sup: 101.43; 101.26; 101.18; 101.05



    The pair trades in near-term range mode, with the upside so far being limited at 0.94 zone and the downside protected at strong 0.9320 support and short-term base, also daily Ichimoku cloud top. Improved near-tem studies on a rally from 0.9334, which left higher low at 0.9358, keep the price at the upper part of the range, with attempts above 0.94 handle seen as favored in the near-term. Break higher requires confirmation on regain of 0.9454 spike high, to confirm break into the upper part of short-term 0.9320/0.9503 range and open key 0.9503 peak for retest.

    Res: 0.9408; 0.9436; 0.9454; 0.9503
    Sup: 0.9358; 0.9327; 0.9320; 0.9300


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