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

Discussion in 'Major Currency Pairs' started by WindsorBrokers, Nov 4, 2014.

  1. WindsorBrokers

    WindsorBrokers Content Contributor

    Feb 18, 2010
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    The Euro bounces above 1.25 handle after posting fresh low at 1.2440, where temporary support was found. Overall negative tone and yesterday’s close below 1.25 level, suggest further downside after corrective action is completed, ideally under 1.2590/1.2600, 31.Oct lower top / 50% retracement of 1.2769/1.2440 downleg. On the other side, daily RSI / MACD bullish divergence signals possible stronger recovery action, which requires break above 1.2610/30 barriers, Fibonacci 38.2% of 1.2884/1.2440 descend / daily Tenkan-sen line and 30 Oct lower top, to be confirmed

    Res: 1.2542; 1.2590; 1.2600; 1.2630
    Sup: 1.2500; 1.2469; 1.2440; 1.2400



    The pair holds in near-term sideways mode, consolidating above psychological 1.59 support, which stays intact for now. Yesterday’s long-legged Doji, the third in a row, confirms near-term indecision, as the pair is still flirting with magnetic 1.60 level, also mid-point of larger 1.4812/1.7189 rally. Further consolidation is seen likely in the near-term, with breakout to signal fresh direction. Bears remain in play on larger timeframes and require clearance of temporary support at 1.5873, 15 Oct low, to resume larger descend from 1.7189. On the other side, fresh gains and close above 1.60 level, as well as lift above near-term range tops at 1.6035 zone, reinforced by 4-hour 55SMA and daily Tenkan-sen line/505 of 1.6180/1.5923, would be initial signal of higher base formation and stronger recovery.

    Res: 1.6019; 1.6037; 1.6052; 1.6082
    Sup: 1.5963; 1.5923; 1.5900; 1.5873



    The pair remains well supported and extended strong rally through psychological 114 barrier, which peaked at 114.20 yesterday. Strong bullish tone of larger timeframes, keeps the upside favored, with Fibonacci 61.8% retracement of larger 147.68/75.55 descend at 120.26, coming in focus. While yesterday’s opening gap stays intact expect shallow correction before fresh push higher. Otherwise, slide below 112.30, last week’s closing level, would open way for stronger pullback, which would expose strong 110 support area.

    Res: 114.00; 114.20; 114.50; 115.00
    Sup: 113.26; 113.00; 112.50; 112.30



    The pair remains under pressure in the near-term, following weekly gap-lower opening and fresh weakness through 0.87 support zone, which extended to test short-term range floor at 0.8641. Prevailing bearish tone favors eventual break of one-month range and extension of downmove from 0.95 zone, year-to-date high. Conversely, bounce and close above yesterday’s high at 0.8760, would avert immediate downside risk and signal prolonged sideways trade.

    Res: 0.8735; 0.8760; 0.8800; 0.8850
    Sup: 0.8700; 0.8672; 0.8641; 0.8600


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