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

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EUR/USD

The Euro remains firm, following completion of near-term consolidative phase and fresh rally through previous peak at 1.3305 and 25 Feb high at 1.3317. Fresh bulls are looking for test of 1.3341, Fib 61.8% of larger 1.3710/1.2744 descend, next upside target and psychological 1.3400 barrier. However, extended 4h conditions warn of corrective easing, before bulls take control, with good supports standing at 1.3270, Fib 38.2% / hourly 55 day EMA and 1.3230, Fib 61.8% of 1.3176/1.3333 upleg. Only slide below 1.3200 and higher base at 1.3176, would delay bulls, in favor of deeper pullback.

Res: 1.3316, 1.3333, 1.3341, 1.3372
Sup: 1.3270, 1.3255, 1.3230, 1.3200







GBP/USD

Cable maintains positive near-term tone, after corrective pullback found support at 1.5500 zone. Fresh strength approaches strong resistance zone at 1.5683, 06 June high and 1.5700, 200 day MA, clearance of which is seen as a trigger for resumption of larger uptrend that commenced from 1.5000 base and could extend to 1.5774, Fib 100% expansion. Near-term technicals are positive an support further advance, however, possible hesitation ahead of 1.5700 barrier, cannot be ruled out, as 4h indicators are entering overbought territory. Previous consolidation to at 1.5600, offers initial support, while any stronger pullback should be contained above 1.55 area, to keep bulls intact.

Res: 1.5683, 1.5700, 1.5774, 1.5800
Sup: 1.5627, 1.5600, 1.5550, 1.5520










USD/JPY

The pair trades in a near-term corrective mode, followed to yesterday