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

Discussion in 'Major Currency Pairs' started by WindsorBrokers, Feb 23, 2015.

  1. WindsorBrokers

    WindsorBrokers Content Contributor

    Feb 18, 2010
    Likes Received:

    The Euro remains entrenched within narrowed range boundaries, following last Friday’s short-lived dip to the levels near pivotal 1.1260 support and quick rebound that stalled near the upper limits. Daily Doji candle confirms indecision, with near-term technicals holding in neutral/negative mode. Large picture studies, however, remains negatively aligned and favor fresh downside. Eventual break below 1.1260 base and Fibonacci 61.8% of 1.1096/1.1532 upleg, is required to confirm an end of consolidative phase and accelerate towards key support at 1.1096, 26 Jan low. Range top at 1.1450 offers strong resistance and is expected to cap, while sustained break here is needed to revive near-term bulls for attempt towards larger range top and pivotal barrier at 1.1532, 03 Feb high.

    Res: 1.1400; 1.1428; 1.1450; 1.1497
    Sup: 1.1332; 1.1320; 1.1277; 1.1260



    Cable closed in red on Friday, extending easing from 1.5478, 18 Feb high, where recovery rally stalled, suggesting further weakness. Near-term tone is weak and sees favored attack at pivotal 1.5340, daily Tenkan-sen / daily 10/55SMA’s bull cross, to confirm bearish stance. Fresh acceleration lower would extend to 1.5314, 17 Feb trough and key 1.5276 support, Fibonacci 38.2% of 1.4950/1.5478 rally / daily cloud base, where extended dips are expected to find support, to keep larger bullish picture intact for fresh attempts higher. Fresh recovery high at 1.5478, offers initial barrier, ahead of 1.5526, daily cloud top.

    Res: 1.5418; 1.5463; 1.5478; 1.5526
    Sup: 1.5367; 1.5340; 1.5314; 1.5276



    Near-term studies are gaining traction as the price stabilizes above 119 handle and rallies towards pivotal barrier at 119.40, near-term range top. Strong support at 118.25, range floor and Fibonacci 61.8% of 116.86/120.46 upleg, reinforced by daily Kijun-sen line, contained Friday’s dips and kept downside protected. Break and close above 119.40 barrier to confirm bullish resumption and expose 120.00 and 120.46 barrier. Only loss of 118.25 handle would neutralize and open 118.03, daily cloud top.

    Res: 119.16; 119.40; 119.60; 120.00
    Sup: 118.87; 118.42; 118.25; 118.15


    The pair remains capped at 0.7850, where strong resistance have formed, guarding pivotal 0.7874 barrier. Near-term studies remain positively aligned and keep fresh upside attempts in play. Daily 20SMA, currently at 0.7780, is required to hold and keep the structure intact. Otherwise, fresh acceleration towards 0.7740, last week’s low, reinforced by daily Tenkan-sen line, could be expected on violation of daily 20SMA.
    Res: 0.7850; 0.7874; 0.7900; 0.7950
    Sup: 0.7780; 0.7756; 0.7740; 0.7720


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