Windsor Brokers - Short Term Technical Analysis for Majors (07:00 GMT)
 

EURUSD

The Euro resumes bulls and cracks psychological 1.38 barrier, after near-term consolidation under the latter was completed. Extension of the third wave that commenced from 1.3103, 06/09 higher low that broke above its 100% Fibonacci expansion at 1.3797, focuses the next target at 1.3832, Fibonacci 38.2% retracement of larger 1.4938/1.2744 bear-phase, above which, psychological 1.4000 barrier would come in near-term focus. Near-term studies are positive and support further upside, with overbought 4-hour conditions suggesting a pause in current rally. Consolidation range floor at 1.3740 offers initial support, ahead of 1.3710/00, previous peak / round figure support.

Res: 1.3832; 1.3857; 1.3900; 1.3935
Sup: 1.3773; 1.3740; 1.3710; 1.3650





GBPUSD

Cable heads higher after quick pullback from 1.6254, yesterday