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

Discussion in 'Major Currency Pairs' started by WindsorBrokers, Nov 27, 2014.

  1. WindsorBrokers

    WindsorBrokers Content Contributor

    Feb 18, 2010
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    The Euro accelerated from 1.2440 trough and eventually broke above 1.25 barrier. Rally spiked at 1.2530, however, subsequent consolidation was not able to hold 1.25 handle, where the pair closed yesterday. Corrective pullback should be contained at 1.2440 higher low, to keep the structure intact for fresh attempts through 1.25 barrier. Completion of Three White Soldiers reversal pattern and break above 1.2480, daily 10/20SMA’s bull-cross / daily Tenkan-sen line, requires close above 1.25, to confirm reversal and resume recovery rally towards next barriers at 1.2545, bear-trendline, drawn off 1.2884 peak, then 1.2563, daily Kijun-sen line, ahead of breakpoint at 1.2597, 19 Nov lower top of larger descend. Conversely, extension of pullback from 1.2522 high and close below 1.2440 higher low / 50% retracement of 1.2360/1.2530 upleg, to sideline near-term bulls and mark top at 1.2530.

    Res: 1.2500; 1.2530; 1.2545; 1.2563
    Sup: 1.2465; 1.2440; 1.2400; 1.2371



    Cable broke above near-term range tops and cracked important 1.58 barrier, psychological level / Fibonacci 61.8% of 1.5939/1.5588 downleg / daily 20SMA. Corrective action off fresh high at 1.5823, is under way and should be ideally contained at 1.5735, Former range tops / Fibonacci 38.2% of 1.5588/1.5823 upleg, while extension below 1.5700 support, 50% retracement, reinforced by daily Tenkan-sen line, would undermine near-term bullish structure. Fresh attempts above 1.5800/23 barriers, to open 1.5884, daily Kijun-sen line, for possible full retracement of 1.5939/1.5588 bear-leg, on extension.

    Res: 1.5776; 1.5800; 1.5823; 1.5856
    Sup: 1.5745; 1.5735; 1.5700; 1.5678



    Near-term structure remains weak and the pair cracked base at 117.33, following recovery rejection at 118.56 and subsequent descend. Repeated close in red suggests further weakness, which requires close below 117.33/20, previous base / daily Tenkan-sen line / daily 20SMA, to be confirmed. Fresh extension of the pullback from 118.96 peak, to look for 116.80, 4-hour cloud base, then 116.51, Fibonacci 38.2% of 112.56/118.96 ascend, below which, acceleration towards 115.44 trough, could be expected. Corrective rallies should be ideally capped under 118 barrier, just above mid-point of 118.56/117.25 downleg.

    Res: 117.56; 117.75; 118.00; 118.28
    Sup: 117.20; 117.00; 116.80; 116.51



    The pair bounces after break below key 0.8539 support, also probed below psychological 0.85 level. However, yesterday’s positive close could be a signal of stronger recovery, in case the price returns above 0.8636, daily Tenkan-sen line and 50% of 0.8794/0.8784. Further recovery and close above 0.8700, daily Kijun-sen line, to confirm false break and re-focus pivotal 0.88 barrier. Otherwise, corrective rally is expected to leave lower top, ahead of fresh weakness, as overall picture remains bearish and keeps short-term focus at the downside.

    Res: 0.8636; 0.8565; 0.8700; 0.8720
    Sup: 0.8561; 0.8528; 0.8511; 0.8478


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