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

Discussion in 'Major Currency Pairs' started by WindsorBrokers, Oct 9, 2014.

  1. WindsorBrokers

    WindsorBrokers Content Contributor

    Feb 18, 2010
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    The Euro has eventually broken initial 1.2700/15 resistance, on a strong rally through three-day congestion tops. Extension above initial barriers at 1.2735/56, 4-hour cloud top / 50% retracement of 1.2993/1.2499 downleg, probes above daily 20 SMA at 1.2760, en-route towards 1.28 zone, Fibonacci 61.8% / round-figure resistance. Firm bullish tone of near-term studies, supports further extension of corrective rally from 1.2500 low, with yesterday’s close for the third consecutive day and daily RSI out of oversold zone, underpinning near-term corrective action, before larger bears re-assert for fresh leg lower. Previous barriers at 1.2700/15, now act as initial supports and should ideally keep the downside protected, while break lower would open 1.2650/20 support zone in extended pullback.

    Res: 1.2800; 1.2815; 1.2862; 1.2900
    Sup: 1.2758; 1.2715; 1.2700; 1.2680



    The pair extended corrective rally off 1.5950 and probed through psychological 1.62 barrier, also 4-hour cloud base, to mark over 76.4% retracement of 1.6250/1.5950 downleg. Near-term target at 1.6250 is in focus, with positive tone established on near-term studies, signaling bears are sidelined. Regain and break above 1.6250, is required to confirm extended correction scenario. Consolidative action on overbought hourly studies under 1.62 barrier, should be contained above 1.6130/00 supports, previous high / Fibonacci 38.2% of 1.5950/1.6196 ascend, before fresh attempt higher. Break above 1.62 to open 1.6230, daily 20SMA, ahead of key barrier at 1.6250 lower platform.

    Res: 1.6215; 1.6230; 1.6250; 1.6285
    Sup: 1.6150; 1.6130; 1.6100; 1.6073



    The pair remains under pressure, as corrective rally from fresh low at 107.41, stalled on approach to important 109 barrier and subsequent weakness nearly fully retraced the rally. Yesterday’s Doji candle, with long upper wick, signals increased pressure. Break below 107.41 looks for psychological 107 support and more significant 106.80/64, 16 Sep higher low / Fibonacci 38.2% retracement of 101.07/110.07 ascend. Near-term studies are negative and favor further easing, with the notion being supported by south-heading daily indicators.

    Res: 108.00; 108.30; 108.73; 108.81
    Sup: 107.50; 107.00; 106.80; 106.64



    The pair continues to move higher, in extended corrective phase off fresh low at 0.8641, posted on 03 Oct. Clearance of pivotal 0.8825 barrier, 02 Oct high, triggered fresh rally, which broke above daily 20SMA at 0.8867 and came ticks away from pivotal 0.8900, barrier. Sustained break here is required confirm near-term base and open way for stronger correction of the larger downtrend from 0.9400, 05 Sep peak, with immediate target at 0.8931, Fibonacci 38.2% of 0.9400/0.8641. Hesitation at 0.89 barrier could be expected, with previous barriers at 0.8825/00, now offering solid supports.

    Res: 0.8900; 0.8931; 0.8950; 0.9000
    Sup: 0.8850; 0.8825; 0.8790; 0.8762


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